Synopsis
Hyundai Motor India has reported a net profit of Rs 1,161 crore for Q3 of FY 2023-24, marking a 19% decline compared to the previous year. The company is optimistic about future growth and EV expansion despite current market challenges.Key Takeaways
- Net profit for Q3 is Rs 1,161 crore, a 19% drop.
- Revenue from operations fell by 1.3%.
- Sold 186,408 units of passenger vehicles.
- Positive outlook on EV penetration in India.
- Plans to expand product portfolio and EV ecosystem.
New Delhi, Jan 28 (NationPress) Hyundai Motor India announced a net profit of Rs 1,161 crore for the October-December quarter of this fiscal year, indicating a 19 percent drop from Rs 1,425 crore during the same period of FY 2023-24.
The automotive giant's revenue from operations also witnessed a 1.3 percent decline, amounting to Rs 16,648 crore, compared to Rs 16,875 crore in the equivalent quarter of the previous year.
According to the company, the margin decline was primarily attributed to weak demand and ongoing geopolitical challenges.
During this quarter, Hyundai sold a total of 186,408 passenger vehicles, which includes 146,022 units in the domestic market, significantly boosted by the SUV segment.
For the first nine months (April-December) of the current financial year, the net profit stands at Rs 4,025.8 crore, down from Rs 4,382.9 crore in the corresponding period of FY2023-24.
Looking forward, Hyundai Motor India (HMI) expressed optimism regarding its growth path, highlighting a positive outlook for increasing EV penetration in India and committing to a comprehensive electrification strategy.
The recently introduced CRETA Electric is expected to achieve remarkable success and create significant momentum, potentially transforming the EV market. The company is also working on establishing a robust EV ecosystem in India, which includes localization and charging infrastructure, along with plans for three additional EV models in the near future, contributing significantly to India's EV growth narrative.
In alignment with its ambitious capacity expansion initiatives from the Pune plant, the company plans to diversify its product offerings. HMI is also seeking opportunities in alternative eco-friendly powertrains.
Utilizing Hyundai Motor Corporation’s global powertrain technologies, such as hybrids, hydrogen, and flex fuel, the company feels well-prepared to adapt to shifts in demand dynamics and regulatory changes.
Managing Director Unsoo Kim stated that while challenges persist in the global market, our business fundamentals remain robust. He emphasized the company's confidence in leveraging its strengths and actively pursuing opportunities to enhance volumes and profitability.
