Hyundai India Q2 Results: Hyundai Motor India’s revenue from operations during July-September 2024 declines 7.5 per cent to Rs 17,260 crore as against Rs 18,660 crore in the year-ago period.
Hyundai Motor India Ltd on Tuesday reported a 16 per cent decline in its consolidated net profit to Rs 1,375 crore for the September 2024 quarter, on lower domestic sales and exports. This first quarterly results since’s the company’s listing on exchanges. The auto major’s revenue from operations during July-September 2024 declined 7.5 per cent to Rs 17,260 crore as against Rs 18,660 crore in the year-ago period.
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The ‘Creta’ SUV manufacturer had reported a consolidated net profit of Rs 1,628 crore in the corresponding period last year.
Its Ebitda slipped by 10 per cent to Rs 2,205, while margin narrowed by 30 basis points on a year-on-year basis to 12.8 per cent from 13.1 per cent in the year-ago quarter. Ebitda stands for earnings before interest, tax, depreciation and amortisation.
Shares of Hyundai Motor India on Tuesday declined by over 2 per cent to Rs 1,772 apiece on the BSE during the day after the results.
The company said it has sold a total of 1,91,939 units of passenger vehicles during the September quarter. It includes 1,49,639 units in the domestic market, with a strong contribution from the SUV segment, it added.
The export volume stood at 42,300 units, HMIL said.
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“Despite the sluggish market conditions, we have successfully maintained profitability in H1 FY 2024-25, largely due to our proactive and continuous cost control measures,” HMIL Managing Director Unsoo Kim stated.
“We will be launching the Creta EV for the mass market in the coming months, and we expect it will be a game changer in the EV market.” The company said that in the mid to long term, it expects a sustained demand momentum in the industry and will continue to focus on the quality of growth by maintaining an optimum balance between volume, market share and margins.
