Hyundai Motor India beats quarterly profit view on strong SUV demand

Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST

May 8 : Hyundai Motor India reported a smaller-than-expected drop in fourth-quarter profit on Friday, helped by strong domestic and export demand for its higher-margin SUVs.

The unit of South Korea's Hyundai Motor reported a consolidated profit of 12.56 billion rupees ($132.96 million)for the quarter ended March 31, from 16.14 billion rupees a year before.

Analysts, on average, had expected profit to fall to 12.37 billion rupees, per data compiled by LSEG.

Vehicle sales in India have picked up since New Delhi cut taxes last September, boosting showroom footfalls and supporting pricing power.

CNA Games

Guess Word
Crack the word, one row at a time

Buzzword
Create words using the given letters

Mini Sudoku
Tiny puzzle, mighty brain teaser

Mini Crossword
Small grid, big challenge

Word Search
Spot as many words as you can
Show More
Show Less

During the quarter Hyundai's total sales rose 8.7 per cent and exports gained 9.4 per cent driven by strong demand for the Creta SUV, helping it fend off competition from local rival Mahindra.

That helped Hyundai offset the impact of high commodity prices due to the ongoing Iran war.

Quarterly revenue rose 5.4 per cent to 189.16 billion rupees.

($1 = 94.4625 Indian rupees)

Newsletter

Week in Review

Subscribe to our Chief Editor’s Week in Review

Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Subscribe here

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Download here

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Join here