New Delhi, Jan 28 Hyundai Motor India on Tuesday reported a net profit of Rs 1,161 crore for the October-December quarter this fiscal, which represents a 19 per cent decline over the corresponding figure of Rs 1,425 crore for the same quarter of FY 2023-24.
The car major’s revenue from operations also declines 1.3 per cent during the third quarter at Rs 16,648 crore, as against Rs 16,875 crore in the corresponding quarter of the previous year.
“The decline in margins was mainly due to subdued demand and geopolitical factors,” the company said.
The company sold a total of 186,408 units of passenger vehicles during this quarter. This includes 146,022 units in the domestic market with a strong contribution from SUV segment.
The net profit for the first 9 months (April-December) of the current financial year period stands at Rs 4,025.8 crore compared to Rs 4,382.9 crore in the same period of FY2023-24.
Looking ahead, Hyundai Motor India (HMI) said it is confident about its growth trajectory and has a positive outlook on growing EV penetration in India and is headed towards electrification with a holistic approach.
“The newly launched CRETA Electric will drive phenomenal success, build strong momentum and will be a game-changer in the EV landscape. The company is also building a strong EV ecosystem in India like localization, charging infrastructure, etc. and along with 3 more EVs planned in due time, and is expected to greatly contribute to India’s EV growth story,” the automaker said.
Aligned with the aggressive capacity expansion plans from Pune plant, the company will also be focusing on diversifying its product portfolio. The company said it will also look to explore opportunities in alternative eco-friendly powertrains.
With access to Hyundai Motor Corporation’s global powertrain technologies like hybrids, hydrogen, flex fuel etc., the company believes it is well placed to adapt to any change in demand dynamics and regulatory environment.
HMI managing director Unsoo Kim said while the challenges persist in the overall market due to global factors, “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.”
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