Hyundai Motor India Managing Director Unsoo Kim acknowledged the persistent market challenges stemming from global factors.Hyundai Motor India reported a 19% decline in consolidated profit after tax for the third quarter of 2024, ending December 31. The company attributed the decrease to subdued demand and geopolitical factors, resulting in a profit of INR 1,161 crore compared to INR 1,425 crore in the same period last year. Despite the challenges, Hyundai maintains confidence in its business fundamentals and plans to leverage its strengths for future growth, particularly in the electric vehicle (EV) market.
The company's total revenue also saw a slight decrease, from INR 16,875 crore in the third quarter of 2023 to INR 16,648 crore in the same period of 2024. This decline in margins was primarily attributed to subdued market demand and ongoing global geopolitical influences.
Hyundai Motor India Managing Director Unsoo Kim acknowledged the persistent market challenges stemming from global factors. However, he expressed confidence in the company's ability to navigate these difficulties.
"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," said Hyundai Motor India Managing Director Unsoo Kim said.
Sales during Q3
Total passenger vehicle sales for the third quarter reached 1,86,408 units, marking a 2% decrease compared to the 1,90,979 units sold during the same period in the previous fiscal year. Of these sales, 1,46,022 units were sold in the domestic Indian market, with a notable contribution from the SUV segment.
Hyundai also reported achieving its highest-ever CNG penetration during the third quarter, reaching 15% compared to 12% in the same quarter of the previous year. Furthermore, the company's rural market penetration grew to 21.2%, up from 19.7% in the third quarter of 2023. Exports accounted for 40,386 units.
Future outlook
Looking ahead, Hyundai expressed confidence in its growth trajectory and commitment to generating long-term value for stakeholders. The company emphasised a positive outlook on the expanding EV market in India, highlighting its commitment to electrification with a comprehensive strategy.
Hyundai anticipates significant success for its newly launched Creta Electric, believing it will be a pivotal force in the evolving EV landscape. The company is actively developing a robust EV ecosystem in India, focusing on localisation and charging infrastructure.
Hyundai has plans to introduce three additional EV models in the future, further solidifying its contribution to India's EV growth story. Alongside its EV initiatives, Hyundai is pursuing aggressive capacity expansion plans at its Pune plant.
