Hyundai Motor India Profit Falls 24 Percent
Hyundai Motor India reported a 24 percent drop in second quarter profit as rising raw material costs weighed on operations. Profit after tax fell to 11.96 billion rupees even as total revenue from operations increased to 206.96 billion rupees.
HYUNDAI MOTOR INDIA LTD posted a 24% profit drop to 11.96 billion rupees ($125.65 million) during the September quarter, pressured by rising raw material costs. The decline follows a 15.72 billion rupee profit in the year-ago period across India. The automaker faces tougher year-on-year comparisons as cost pressures mount on local producers.
Expenses climbed 24% to 193.02 billion rupees, driven primarily by materials consumed. Total revenue from operations rose to 206.96 billion rupees from 174.61 billion rupees, supported by resilient demand following tax cuts in the prior year.
