Kia India profit down 25% in FY22 as tax outgo slams the brakes

Kia is one of the few unlisted global carmakers in India that saw a contraction in profits

Photo: Reuters
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The South Korean automotive major, which rolled out its first Seltos in the country in August 2019, sold 186,787 units domestically, up 20 per cent year-on-year (YoY), in FY22

Deepak PatelShally Seth Mohile New Delhi
Kia India, the local arm of the South Korean carmaker, saw its net profit drop by a fourth in 2021-22 (FY22) over the year-ago period, notwithstanding an operationally strong year. An increase in the total tax outgo during the year dented the company’s earnings.

Kia is one of the few unlisted global carmakers in India that saw a contraction in profits. It was a year of record net profit for the India arms of Toyota Motor Corporation, Honda Motor Company, Renault SA, Bayerische Motoren Werke AG (BMW), and Mercedes-Benz, to name a few.

This was led by a combination of

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First Published: Nov 24 2022 | 8:29 PM IST

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