Hyundai Motor India Q2 Profit Down 16% to Rs 1,375 Cr

New Delhi, Nov 12 (PTI) Hyundai Motor India on Tuesday reported a 16 per cent decline in consolidated profit after tax at Rs 1,375 crore for the second quarter ended September 2024, hit by weak market sentiments and geopolitical factors.

The automaker had reported a consolidated profit after tax (PAT) of Rs 1,628 crore in the July-September quarter of the last fiscal.

Its total revenue from operations stood at Rs 17,260 crore for the second quarter compared to Rs 18,660 crore in the year-ago period, Hyundai Motor India Ltd (HMIL) said in a regulatory filing.

The company said it has sold a total of 1,91,939 units of passenger vehicles during the September quarter.

This includes 1,49,639 units in the domestic market, with a strong contribution from the SUV segment, it added.

The export volume stood at 42,300 units, HMIL said.

"Despite the sluggish market conditions, we have successfully maintained profitability in H1 FY 2024-25, largely due to our proactive and continuous cost control measures," HMIL Managing Director Unsoo Kim stated.

"We will be launching the Creta EV for the mass market in the coming months, and we expect it will be a game changer in the EV market."

The company said that in the mid to long term, it expects a sustained demand momentum in the industry and will continue to focus on the quality of growth by maintaining an optimum balance between volume, market share and margins.

Shares of the company were trading 0.85 per cent down at Rs 1,806.75 apiece on BSE.