Honeywell Electrical Devices and Systems India Limited (HEDSIL), as per its annual filings, is engaged in the business of manufacturing and trading electrical devices and control systems. The company’s product portfolio includes wiring devices, cable management, lighting management system and circuit protection. The company was incorporated in 1984 and has its registered office located in Chennai, Tamil Nadu.

Honeywell Electrical Devices and Systems India Limited (HEDSI) experienced notable improvements in market conditions for the construction industry during the financial year 2022-23 compared to the previous year, 2021-22. Key highlights of the company's performance and strategic actions are as follows:

1. Market Conditions and Growth:

   • The residential segment witnessed sharp growth, with inventories reducing across India for all major real estate developers.
   • Increased home loan disbursements and rekindled latent demand during the festive season contributed to the sector's revival.
   • The commercial office market also saw a revival, with many companies resuming office programs.
   • The government's focus on completing infrastructure projects, particularly with the general elections approaching, further stimulated growth in the business.

2. Product Launches and Innovation:

   • HEDSI launched two significant products: Impact WD & Impact CP DB in 2022, followed by the launch of Blenze Pro in Q1 2023.
   • These launches led to a complete refresh of the affordable and mid-segment Wiring Device portfolio through the Impact range and the premium segment through the Blenze Pro range.
   • The company saw a significant market uptake for these new products, and the refresh and upgrade of Mounting boxes and FDS contributed positively to the business.
   • HEDSI began exporting products from Hopetown, including the first consignment of Dimmer to the United Kingdom in 2023.

3. Strategic Focus and Future Outlook:

   • The company aims to scale up recently launched products by executing a well-identified Go-to-market strategy.
   • HEDSI’s focus remains on growth through strategic actions such as consolidating market share in key regions, expanding verticals like Healthcare and Pharma, and strengthening the Circuit Protection portfolio.
   • The company plans to provide digital solutions for distributors and channel partners, fostering continuous innovation and efficiency in business conduct.
   • Despite challenges in the premium segment due to the ongoing economic scenario, HEDSI is working on a revival model for the product lines catering to this market segment.

Overall, FY 2022-23 was a unique year for HEDSI, marked by resilience and strong traction in the market. The company's commitment to building a comprehensive portfolio is evident, with the NPI vitality rate at 51%, showcasing its dedication to innovation and growth.