South Korea carmaker, Hyundai motors has earned the highest profit in India in FY 2018. The profit of FY 2018 has crossed the figures of the previous years and also, risen spirits of the automobile company which undergoing through a rough phase in foreign markets.
The estimated figure of FY 18 is $ 5.8 billion which represents a surge of 5 per cent in the turnover. Alongside this, taxes have shot up to 8 per cent that is, $ 300 million. The blending of automobile models and higher capacity utilization are the primary reasons for increased profit.
The director of the company said, Not surprisingly, FY18 domestic revenues grew 9.5% to $4.2 billion led by higher sales of Creta, Verna and Elite i20. Exports revenue dropped 3% to $1.6 billion on account of currency fluctuation and loss of exports revenue in Asia. (Source: Economic Times)
The driving factors to increase the sales were the release of new Santro Hatchback, top-selling Hyundai i20 and Hyundai Creta SUV. The total sales of FY2018 are 7, 10, 012 which is far above yesteryears (2017) sales that are, 6, 78, 221.
On the striking sales figures, the national sales head of Hyundai, Vikas Jain said, The Calendar Year 2018 has been a Year of Achievements for Hyundai Motor India, registering highest-ever domestic volume of 550,002 units with a growth of 4.3 per cent on strong performance of the newly launched India's Favourite Family Car - All New Santro along with Grand i10, i20, Creta and Verna under the modern premium brand direction with best after sales service. ( NDTV)