Hyundai’s Net Profit Drops 19% to Rs 1,161 Cr on Lower Car Sales
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Pune: South Korean automaker Hyundai Motor India on Tuesday reported a 19 per cent drop in its consolidated net profit to Rs 1,161 crore for the third quarter ended on December 31, 2024 on the back of lower domestic car sales and exports.
The maker of Creta SUV and Grand i10 model cars had reported a net profit of Rs 1,425 crore in the October-December quarter of the previous year.
The total income of the company also decreased to Rs 16,892 crore in the third quarter of the current fiscal from Rs 17,244 crore in the year-ago period, Hyundai Motor India said in a regulatory filing.
Total revenue from operations declined 1.3 per cent year-on-year to Rs 16,648 crore in the third quarter as against Rs 16,875 crore in the year-ago period.
The company sold a total of 1,86,408 units of passenger vehicles during the quarter, including 1,46,022 units in the domestic market, with a strong contribution from the SUV segment.
Hyundai claimed to have achieved its highest-ever CNG penetration during the quarter, reaching an impressive 15 per cent, up from 12 per cent in Q3 of the previous year.
"During the quarter, the company demonstrated robust growth in rural penetration, reaching 21.2per cent, compared to 19.7 per cent in the same period last year. The export volume stood at 40,386 units," the company filing said.
"Our business fundamentals remain strong, and we remain confident in our ability to leverage our strengths and actively explore potential opportunities to improve our volumes and profitability," said Unsoo Kim, MD at Hyundai Motor India, acknowledging the challenges in the overall market, and attributing them to global factors.
"HMI is confident about its growth trajectory and is committed to driving long-term value for its stakeholders. The company has a positive outlook on the growing EV penetration in India and is moving towards electrification with a holistic approach," the company said.
It said the newly launched Creta Electric will drive "phenomenal success, build strong momentum, and be a game-changer in the EV landscape".