Hyundai Motor India, the country’s second-biggest carmaker by market share, reported a 16.5% decline in quarterly profit due to lower domestic sales and exports, its first earnings report since listing showed on Tuesday.
The company’s shares fell nearly 3 per cent in afternoon trading.
The ‘Creta’ SUV manufacturer said its standalone profit dropped to 13.38 billion rupees ($158.6 million) in the second quarter ended Sept. 30, from 16.02 billion rupees in the year earlier period.
Hyundai, India’s second-biggest carmaker with a 15 per cent market share, listed in October following a $3.3 billion IPO that was the country’s largest-ever primary share sale.
The company’s overall sales volumes, including exports, dropped about 9 per cent in the quarter, bringing revenue down by 7.5 per cent to 169.61 billion rupees.
Last month, market leader Maruti Suzuki reported its slowest quarterly revenue growth in nearly three years as small car sales slid, while those of SUVs were largely unchanged.
That coincided with a drop in quarterly car sales for the first time in 10 quarters, dragged by poor demand for small cars and slowing growth for some SUV manufacturers.
