Deferred tax pulls down Honda Cars's net profit by 53% to Rs 661 crore

During the two Covid-affected years of FY20 and FY21, the company's net loss stood at Rs 1,672.2 crore and Rs 1,587.5 crore, respectively, according to documents

Honda Cars India (HCIL) net profit dropped by 52.8 per cent year-on-year (Y-o-Y) to Rs 661.4 crore in 2023-24 (FY24), primarily due to deferred tax of Rs 359.8 crore, according to the annual results submitted to the Registrar of Companies (RoC) and reviewed by Business Standard.

 

In FY24, the company's production increased by 16 per cent Y-o-Y to 134,807 units.

 

Profit before tax (PBT) in FY24 stood at Rs 1,029.6 crore, which is 24.7 per cent higher.

 

During the two Covid-affected years of FY20 and FY21, the company’s net loss stood at Rs 1,672.2 crore and Rs