Hyundai's India unit beats quarterly profit view as exports rise
The Logo of Hyundai Motor India Limited is seen on a parked car in the company's stockyard, in the outskirts of Ahmedabad, India, October 8, 2024. REUTERS/Amit Dave
Hyundai Motor India beat quarterly profit estimates on Wednesday, as higher exports and better proceeds from SUV sales offset the impact of a weak domestic market.
The unit of South Korea's Hyundai Motor reported a profit of 13.69 billion rupees ($156.7 million) in the three months to June 30, compared with 14.9 billion rupees a year ago.
Analysts had expected a profit of 12.59 billion rupees, according to data compiled by LSEG.
Hyundai India kicks off carmakers' quarterly results at a time when India's top manufacturers are ramping up exports amid stalling domestic sales.
The company, India's second largest exporter of cars, said its overseas shipments grew 13 per cent from a year earlier, even as its overall sales declined 6 per cent during the quarter.
In May, Hyundai had said it sees exports growing 7 per cent-8 per cent in the fiscal year to March 2026. Managing Director Unsoo Kim told analysts that sales contribution from exports would rise to 30 per cent from 21 per cent a year earlier.
Hyundai's overall revenue fell 5.4 per cent to 164.13 billion rupees in the June quarter, while expenses declined 5 per cent.
Its shares, which made their trading debut in October 2024, pared some losses after reporting results, and were trading down 0.6 per cent.
($1 = 87.3720 Indian rupees)
