Hyundai Motor India Q3 profit drops 19% to ₹1,161 crore

Hyundai Motor India Ltd (HMIL), which got listed in October 2024, announced its financial results for the third quarter today, reporting a 19% year-on-year drop in consolidated profit at ₹1,160.73 crore for the quarter ending December 2024. The auto major had posted ₹1,425 crore profit in the same period last year and ₹1,375.47 crore in the September quarter of the current fiscal.

The car maker giant reported sales of 186,408 passenger vehicles during the December quarter. The growth in sales was attributed to a sharp jump in domestic demand, with 146,022 vehicles sold, majorly driven by SUVs. In addition, the auto major achieved 15% CNG penetration, marking its highest-ever till date, up from 12% in Q3 of the previous year. “During the quarter, the Company has demonstrated robust growth in rural penetration reaching 21.2% compared to 19.7% in the same period last year. The export volume stood at 40,386 units.”

On operations front, revenue dropped by 1.34%, amounting to ₹16,648 crore in the Q3, compared to ₹16,874 crore in the corresponding quarter of the previous year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margin narrowed to 11.27% in Q3FY25, down from 12.88% in Q3 FY24.

The company’s Profit Before Tax (PBT) for the quarter ending December 2024 stood at ₹1,562.73 crore, compared to ₹1,959.7 crore in the same quarter last year. The drop in margins was primarily driven by sluggish demand and geopolitical factors. “The Net Profit (PAT) for the quarter stands at ₹1,160.73 crore compared to ₹1,425.22 crore of Q3 in previous year.”

Speaking on the results,  Unsoo Kim, managing director and CEO of Hyundai Motor India 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.”

The company is actively building a strong EV (electric vehicles) ecosystem in India focusing on localisation, charging infrastructure and much more, with three more EVs set to launch in near future. In line with its ambitious capacity expansion plans for the Pune plant, the company aims to diversify its product portfolio.

“The Company will also look to explore opportunities in alternate eco-friendly powertrains. With access to HMC’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,” the company adds.