Mumbai, Aug 8 (IANS) Two-wheeler major Hero MotoCorp on Monday reported an increase of 18.13 per cent in its standalone net profit for the first quarter (Q1) of the current fiscal.
The company’s net profit during the period under review stood at Rs 883.10 crore, its highest ever net profit, and up from Rs 747.54 crore earned in the corresponding quarter of the last fiscal.
“The sales growth is reflected in the positive financial results for the quarter, and has given us the momentum to carry forward as we prepare for the upcoming festive season,” Pawan Munjal, Chairman, Managing Director and Chief Executive Officer, Hero MotoCorp was quoted in a statement.
“With the above-average monsoon so far and the implementation of the 7th Pay Commission recommendations, we remain cautiously optimistic about the remaining months of FY 2016-17.”
According to the company, its gross turnover which includes gross sales and other operating income rose by 7.73 per cent in the quarter under review.
The company’s Q1 gross turnover stood at Rs 8,010.66 crore from Rs 7,435.47 crore in the corresponding quarter of 2015-16.
Total sales for the quarter under review edged-up by 6.04 per cent to 17,45,389 units from an off-take of 16,45,867 units during the first quarter of last year.
“This is the highest-ever quarterly sales for Hero MotoCorp,” the statement said.
The company’s EBIDTA (earnings before interest, taxes, depreciation and amortisation) margin during Q1 improved to its highest ever levels to 16.63 per cent from 15.09 per cent in the like period of 2015-16.