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Hyundai Motor India profit drops 16% in Q2
Mint Mumbai
|November 13, 2024
The automaker's revenue slips 7.5% to ₹17,260.38 cr from ₹18,659.69 cr
Hyundai Motor India Ltd (HMIL), the country's second-largest automaker, posted a 16% decline in its second-quarter net profit following its public listing last month, hurt by weak domestic demand and the Red Sea crisis that subdued exports.
The July-September net profit for the India unit of the South Korean carmaker fell 16% to ₹1,375.47 crore from ₹1,628.46 crore in the same quarter a year ago. Its revenue dropped 7.5% to ₹17,260.38 crore from ₹18,659.69 crore. Hyundai is the latest passenger vehicle original equipment manufacturer (OEM) to report a tough second quarter in a challenging market marked by declining wholesale dispatches for the first time in over two years.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) during the September quarter fell 10% to ₹2,205 crore from ₹2,441 crore a year ago, while margins narrowed to 12.8% from 13.1%.
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