Mumbai, Oct. 30 -- A surge in exports and lower steel prices helped Hyundai Motor India Ltd offset a slump in domestic sales to report better profit and margins for the July-September quarter.

Domestic sales of India's third-largest carmaker were washed out as consumers delayed purchases after 15 August in anticipation of a goods and services tax cut announced by Prime Minister Narendra Modi. A surge in sales after 22 September, when the new GST rate of 18% became effective on most cars, offset some of the volume impact, but couldn't fully compensate for the lost sales during the quarter.

Sales remained strong through the festive period in October, the company's management said after reporting the second quarter earnings. It is bullish ...