Archive · 30 Jul 2026
Mahindra Surges, Hyundai Stumbles in Q1 Automotive Results
Mahindra & Mahindra made a lot more money in the first quarter of 2024, with profits up 37% and sales up 28%.
Hyundai Motor India, on the other hand, earned less money, with profits falling 35% and sales barely changing.
Both companies faced higher costs because of a war in West Asia.
Hyundai also had a fire at a supplier that slowed its production.
Mahindra’s growth was helped by strong sales in rural areas and new businesses like real‑estate and recycling.
Hyundai said it will recover and grow in the next year.
Both companies plan to add more production capacity to meet demand.
Mahindra & Mahindra posted a 37% rise in net profit to ₹5,998 crore and 28% revenue growth to ₹58,187 crore in Q1 FY24.
Hyundai Motor India saw revenue fall 0.5% to ₹16,334 crore and net profit drop 35% to ₹889 crore in the same period.
Mahindra’s vehicle sales rose 15% to 175,000 SUVs, while Hyundai’s domestic sales grew 5% to 139,374 units but international sales fell 20%.
Both companies cited higher commodity costs from the West Asia conflict; Hyundai’s production was also hit by a June fire at supplier Mobis.
Mahindra’s growth was driven by rural market demand, growth gems (real estate, components, recycling, logistics) and a 78% rise in financial services profitability.
- Who
- Mahindra & Mahindra and Hyundai Motor India
- What
- First quarter 2024 earnings and sales results
- When
- April to June 2024
- Where
- India
- Why
- Commodity cost pressures, West Asia conflict, and production disruptions
- Mahindra & Mahindra Net Profit Q1
- ₹5,998 crore
- Mahindra & Mahindra Revenue Q1
- ₹58,187 crore
- Hyundai Motor India Net Profit Q1
- ₹889 crore
- Hyundai Motor India Revenue Q1
- ₹16,334 crore
- Mahindra Vehicle Sales Q1
- 175,000 SUVs
- Hyundai Vehicle Sales Q1
- 139,374 domestic units