Hyundai Motor India reported a net profit of 1161 cr in Q3 FY24, down 19% from 1425 cr in Q3 FY23.
Revenue from operations was down 1.3% at 16648 cr in Q3 FY24 from 16875 cr in Q3 FY23.
“Demand was subdued and geo politics,” the company said.
Total passenger vehicle sales were 186408 units. This includes 146022 units in domestic market with strong SUV numbers.
Net profit for 9 months (Apr-Dec) this fiscal is 4025.8 cr vs 4382.9 cr in same period of FY2023-24.
Going forward HMI is optimistic about growth and has a positive view on EV growth in India and is moving towards electrification in a holistic way.
“The new CRETA Electric will be a winner, will create momentum and will be a disruptor in the EV space. The company is also building an EV ecosystem in India like localization, charging infrastructure etc. and 3 more EVs in due time and will contribute big time to India’s EV story,” the company said.
Along with capacity expansion plans from Pune plant, the company will also be looking to diversify its product portfolio. The company will also explore alternative eco friendly powertrains.
With access to Hyundai Motor Corporation’s global powertrain technologies like hybrids, hydrogen, flex fuel etc. the company is ready to adapt to any change in demand and regulatory landscape.
HMI MD Unsoo Kim said “the overall market is challenging due to global factors but our business fundamentals are strong and we will leverage our strengths and look for opportunities to grow volumes and profit.
