Hyundai Motor India beat quarterly profit estimates on Wednesday, as higher exports and better proceeds from SUV sales offset the impact of a weak domestic market.
The unit of South Korea’s Hyundai Motor reported a profit of 13.69 billion rupees ($156.7 million) in the three months to June 30, compared with 14.9 billion rupees a year ago.
Analysts had expected a profit of 12.59 billion rupees, according to data compiled by LSEG.
Hyundai India kicks off carmakers’ quarterly results at a time when India’s top manufacturers are ramping up exports amid stalling domestic sales.
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The company, India’s second largest exporter of cars, said its overseas shipments grew 13% from a year earlier, even as its overall sales declined 6% during the quarter.
In May, Hyundai had said it sees exports growing 7%-8% in the fiscal year to March 2026. Managing Director Unsoo Kim told analysts that sales contribution from exports would rise to 30% from 21% a year earlier.
Hyundai’s overall revenue fell 5.4% to 164.13 billion rupees in the June quarter, while expenses declined 5%.
Its shares, which made their trading debut in October 2024, pared some losses after reporting results, and were trading down 0.6%.
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