Hyundai Motor India Faces 16% Profit Dip Amid Domestic Sales Slump

Hyundai Motor India reported a 16% decline in profit for the Q2 2024, impacted by a slowdown in domestic sales. Revenue dropped by 7.5%, and shares fell 0.98% on BSE. The company plans to boost production with new EV launches and increased export focus despite market challenges.

Hyundai Motor India announced a 16% year-over-year drop in its consolidated profit after tax, totaling Rs 1,375 crore for the second quarter ending September 2024. The decline is largely attributed to a decrease in domestic sales.

The auto giant reported a 7.5% reduction in revenue from operations, bringing in Rs 17,260 crore compared to the prior year. Following these results, the company's shares closed down by 0.98% on the BSE, trading below its IPO listing price.

Despite challenges such as geopolitical factors and reduced consumer demand, Hyundai focuses on long-term growth. The automaker plans the launch of the Creta EV and aims its production facility in Pune to start operating by Q3 FY 2026, maintaining their emphasis on strategic market expansion.

(With inputs from agencies.)