Sunday, July 14, 2024

Hero MotoCorp records 47% jump in net profit for July-Sept quarter

Hero MotoCorp on Wednesday reported a 47 percent jump in net profit at Rs 1,054 crore for the July-September quarter of the current financial year. The two-wheeler major had registered a profit of Rs 716 crore in the same period last year.

The growth in net profit came on the back of higher prices of its products and easing input costs. Revenue from operations went up 4 percent to Rs 9,445.42 crore in the quarter.

“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,” said Hero MotoCorp CEO Niranjan Gupta.

“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,” Gupta added.

The company reported a 26.5 percent increase in total sales at 5,74,930 units in October this year up from 4,54,582 units in the same month last year.

Motorcycle sales were at 5,29,341 which represents a 26.2 per cent increase over the same month last year, Hero MotoCorp said in a regulatory filing.

The shares of Hero MotoCorp closed 0.15 percent higher at Rs 3,095 apiece on BSE on Wednesday.

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