Hyundai Motor's Q3 profit declines 19% to Rs 1,161 crore due to subdued demand
Hyundai Motor has shared a positive outlook on growing EV penetration in India. According to the company, the newly launched Creta Electric will be a game-changer in the EV landscape.
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Automaker Hyundai Motor reported a 19 percent decline in its net profit in the third quarter of fiscal year 2024. The company's Q3 profit stood at Rs 1,161 crore due to subdued demand and geopolitical factors. Hyundai's consolidated profit in Q3 FY 24 was Rs 1,425 crore.
The maker of Creta and Venue cars also reported a decline in its revenue to Rs 16,648 crore in Q3 FY 25 versus Rs 16,875 crore in the same quarter in the year ago period.
Hyundai said that it sold a total of 186,408 units of passenger vehicles between October and December 2024. This includes 146,022 units in the domestic market with a strong contribution from the SUV segment. The export volume stood at 40,386 units.
Hyundai Motor has shared a positive outlook on growing EV penetration in India. According to the company, the newly launched Creta Electric will be a game-changer in the EV landscape.
Further, HMI said that it will also look to explore opportunities in alternate eco-friendly powertrains.
"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," Unsoo Kim, Managing Director of Hyundai Motor India said.
