Hyundai Motor India Reports 19% YoY Decline in Q3 Net Profit; Eyes EV Growth Momentum

Hyundai Motor India Ltd (HMIL), on Tuesday (January 28), announced a 19% year-on-year (YoY) decline in consolidated net profit for the third quarter (Q3 FY25) at ₹1,124 crore, compared to ₹1,425 crore in the corresponding quarter of the previous fiscal.

The company’s consolidated revenue from operations slipped marginally to ₹16,648 crore from ₹16,875 crore a year ago, as per its regulatory filing.

Strong SUV Sales Drive Domestic Performance

Hyundai sold 186,408 passenger vehicles in Q3 FY25, with 146,022 units in the domestic market, largely driven by robust sales in the SUV segment. Notably, the company achieved its highest-ever CNG penetration during the quarter at 15%, up from 12% in Q3 FY24.

The rural market penetration also showed growth, rising to 21.2% compared to 19.7% in the same period last year. Export volumes stood at 40,386 units, contributing to the company’s quarterly sales momentum.

For the nine months ending December 2024, Hyundai sold 570,402 passenger vehicles, including 445,116 units domestically and 125,286 units in exports.

Outlook: EVs and Capacity Expansion

Hyundai Motor India expressed optimism about EV growth in India, particularly with the launch of the CRETA Electric, which the company expects to be a game-changer in the Indian EV market. Alongside the CRETA Electric, Hyundai plans to launch three more EVs soon to solidify its position in the electrification space.

To support the transition to EVs, Hyundai is focusing on building a robust EV ecosystem, including localization, charging infrastructure development, and aligning with its aggressive capacity expansion plans at the Pune plant.

The company is also exploring alternative eco-friendly powertrains, such as hybrids, hydrogen, and flex-fuel systems, leveraging Hyundai Motor Corporation’s global expertise to stay ahead of regulatory changes and evolving consumer demand.

Management Commentary

Unsoo Kim, Managing Director, Hyundai Motor India, said:
“While challenges persist in the overall market due to global factors, our business fundamentals remain strong. We are confident in leveraging our strengths and exploring opportunities to enhance volumes and profitability. The CRETA Electric and our upcoming EV portfolio will play a pivotal role in shaping our future growth in India.”