Shares of Hyundai Motor India Limited (HMIL) dropped by 1.91% to ₹1,879.90 on the NSE as of 9:17 AM on Monday. The decline comes after the company reported a 6.9% year-on-year decrease in total sales, recording 61,252 units in November 2024 compared to 65,801 units in November 2023.
Key Sales Highlights for November 2024
- Domestic sales: 48,246 units, down 2.4% YoY.
- Exports: 13,006 units, a sharp decline of 20.5% YoY.
- SUV dominance: SUVs contributed a robust 68.8% to domestic sales.
- Rural growth: Highest-ever monthly rural sales contribution at 22.1%.
- CNG technology: Hy-CNG sales contributed 14.4% to domestic volumes.
Year-to-Date (YTD) Performance (January–November 2024)
- Total YTD sales remained steady at 7,09,041 units compared to 7,09,336 units in 2023.
- Domestic sales increased marginally by 0.7%, while exports declined by 2.8%.
Management Commentary
Tarun Garg, Whole-Time Director and COO of HMIL, emphasized the company’s sustained focus on SUVs, rural markets, and CNG technology. He stated, “Our innovative Hy-CNG technology and strengthened rural presence have driven performance this month despite challenging market conditions.”
Market Impact
The decline in sales, particularly in exports, weighed on investor sentiment, leading to a nearly 2% dip in Hyundai’s share price. The company’s focus on strategic segments like SUVs and rural markets, however, reflects its long-term growth ambitions despite short-term challenges.
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