Indian two-wheeler major Hero MotoCorp Ltd on Wednesday logged a 47.6 per cent rise in its consolidated Profit After Tax (PAT) at Rs 1,007.04 crore in the September quarter (Q2) on higher revenues. According to PTI, the two-wheeler company had clocked a consolidated PAT of Rs 682.28 crore in the year-ago period.
Hero MotoCorp’s consolidated revenue from operations was at Rs 9,533.07 crore in the second quarter of the ongoing fiscal as against Rs 9,158.23 crore in the year-ago period, it added. In terms of volume sales, the company said it registered 14.16 lakh units of motorcycles and scooters during the quarter.
Total expenses were higher at Rs 8,385.5 crore as compared to Rs 8,292.25 crore in the corresponding quarter last fiscal.
“A healthy festive demand across most categories and specifically in the auto sector has demonstrated the underlying propensity of the robustness of the market. The consumer confidence is coming back, which augurs well for the growth momentum moving forward,” Hero MotoCorp Chief Executive Officer Niranjan Gupta said.
The company’s results for the second quarter as well as the first half of the fiscal reflect its “continued financial discipline and prudent capital allocation even as we ensure premiumisation of our portfolio”, he added.
“The premium range of products which have been launched across all key models have been received by the customers very well. Our strong margin shape will help us even more in deploying necessary fuel behind growth priorities,” Gupta said.
On the outlook, he said, “The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over the next few quarters will be important. However, the medium-term outlook for India in general and auto industry in particular appears quite encouraging.”
Hero MotoCorp also posted a 26.5 per cent increase in total sales at 5,74,930 units in October 2023, as compared to 4,54,582 units in the same month last year.
Motorcycle sales were at 5,29,341 units last month, as compared to 4,19,568 units in October 2022, up 26.2 per cent, Hero MotoCorp said in a regulatory filing. Scooter sales stood at 45,589 units in the month under review, as compared to 35,014 units in the year-ago month, a growth of 30.2 per cent, it added.
Exports of two-wheelers grew 29 per cent last month at 15,164 units, as against 11,757 units in the year-ago period, the company said.
Car loan Information:
Calculate Car Loan EMI