Hyundai Motor India holds full year view, banking on new launches, demand recovery
A Hyundai logo is pictured on the electric Ioniq 5 parked at the National Stock Exchange during the listing ceremony of Hyundai Motor India Limited IPO in Mumbai, India, October 22, 2024. REUTERS/Francis Mascarenhas
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July 30 : Hyundai Motor India on Thursday maintained its fiscal 2027 volume growth and operating margin outlook, expecting new launches and stronger demand for gas-powered vehicles to offset disruptions that hurt quarterly profit.
The carmaker’s shares rose as much as 2.8 per cent after results before ending 1.3 per cent higher.
The company held its EBITDA margin outlook of 11 per cent-14 per cent for fiscal 2027 even as its first-quarter margin fell to 9.3 per cent from 13.3 per cent a year earlier.
First-quarter profit fell over 35 per cent to 8.89 billion rupees ($92.91 million), while revenue fell 0.5 per cent, hurt by higher costs and a production disruption at its Chennai plant.
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“… the new model cycle starts from October with the mid SUV in the festive season. So that should also help us to improve the volumes,” CEO and MD Tarun Garg said on a post-earnings conference call.
Hyundai expects CNG vehicles, which accounted for a record 18 per cent of quarterly sales, to also drive growth.
India’s auto market recovered after New Delhi cut taxes last September, but Hyundai India said higher raw material costs and weaker exports due to the Middle East conflict weighed on earnings.
Higher steel and commodity prices continued to pressure margins despite price hikes during the quarter.
The automaker plans to launch a mid-sized SUV in the Creta segment during the festive season, followed by an electric vehicle in the Venue segment later this fiscal year.
It also plans to expand its CNG lineup to six models by 2030 from three currently, Garg said.
($1 = 95.6300 Indian rupees)
Source: Reuters
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