Honda Cars India FY24 revenues jump 16% to Rs 16,461 crore on record exports

Honda Cars India, the maker of the City sedan and Elevate SUV, reported a 16% jump in revenues, propelled by record-breaking export shipments, resulting in a total income of ₹16,461 crore for FY24.

 

However, net profit declined by 52% year-on-year to ₹661.41 crore, primarily due to a substantial tax credit of ₹576 crore that had bolstered earnings in the previous year, as noted in the company’s annual filing with the Registrar of Companies.

 

Profit before tax rose by an impressive 25% year-on-year to ₹1,029 crore in FY24, marking a

multi-year high, and revenue figures reached their peak in the past six years.

 

The company’s sales volume expanded by 8.8% to 124,244 units in FY24, achieving a five-year high, driven by an unprecedented export volume of 37,660 units—a 65.4% increase. 

 

With an enriched product lineup, the average selling price rose to ₹ 13.2 lakh in FY24 from ₹12.4 lakh in the previous year. 

 

Honda Cars India has made notable strides in cost control concerning raw materials and employee expenses, contributing to a higher operating profit per vehicle.

 

The gross margin expanded by 36 basis points to 31.88% in FY24, marking the fourth consecutive year of consistent margin growth. In FY21, the company's gross margin had reached a nadir of 27.20%, but it has steadily improved year after year since.

 

Currently, the company secures a gross profit of ₹422,449 per car and an operating profit of ₹139,667 per car.

 

Ref: Honda Cars India FY24 revenues jump 16% to Rs 16,461 crore on record exports (autocarpro)