Hyundai Motor India Q2 net profit declines 16 pc to Rs 1,375 crore

New Delhi, Nov 12: Hyundai Motor India Ltd on Tuesday reported a 16 per cent decline in its consolidated net profit to Rs 1,375 crore for the July-September quarter of the current financial year on the back of lower car sales both in the domestic and export markets.

The country’s second-largest car manufacturer had reported a consolidated net profit of Rs 1,628 crore in the year-ago period.

This is Hyundai Motor’s first earnings report since listing on the Indian stock exchanges this year. The auto major said its consolidated revenue from operations declined 7.5 per cent to Rs 17,260 crore in the second quarter of 2024-25 from Rs 18,660 crore in the same quarter of the previous year.

The South Korean carmaker’s Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) fell by 10 per cent to Rs 2,205, while the margin narrowed by 30 basis points on a year-on-year basis to 12.8 per cent from 13.1 per cent in the year-ago quarter. During Q2FY25, HMIL’s domestic sales declined by 5.75 per cent to 1,49,639 units vis-a-vis 1,58,772 units in the same period last year.

Shares of Hyundai Motor India on BSE were trading 2.2 per cent lower, at Rs 1,782 apiece in afternoon trade. Hyundai, India’s second-biggest carmaker with a 15 per cent market share, listed in October following a $3.3-billion IPO that was the country’s largest-ever primary share sale. The issue was subscribed over 2.37 times. The offer received bids for 23.63 crore shares as against 9.97 crore shares on offer.

The Qualified Institutional Buyers (QIBs) category was subscribed 6.97 times. The Non Institutional Investors (NIIs) category was subscribed 0.60 times. The Retail Individual Investors (RIIs) category was subscribed 0.50 times. The issue opened for bidding on 15 October 2024 and closed on 17 October 2024. The price band of the IPO was fixed between Rs 1,865 and 1,960 per share.