Hero MotoCorp, the country’s and world’s leading two-wheeler manufacturer, on Tuesday said its consolidated profit after tax (PAT) grew 47 per cent to Rs 1,032 crore in the first quarter ended June 2024, driven by increased sales. The company had reported a profit after tax (PAT) of Rs 701 crore in the April-June period a year ago. According to a PTI news, Hero MotoCorp said in a regulatory filing that revenue from operations grew from Rs 8,851 crore to Rs 10,211 crore.
Highest ever profit after tax
According to the news, the company said that its profit after tax on a standalone basis grew 36 per cent to Rs 1,123 crore, which is its highest ever profit after tax. Revenue from operations in the quarter under review stood at Rs 10,144 crore, up 16 per cent from Rs 8,767 crore a year ago. The company said that it sold 15.35 lakh motorcycles and scooters in the April-June period this fiscal, while this figure was 13.53 lakh units in the first quarter of FY24.
Sequential improvement in retail sales too
Hero MotoCorp said positive trends were seen in domestic, EV and global businesses during the quarter. The company also saw sequential improvement in retail sales. It is expected that the momentum will build in the next quarters due to positive customer sentiments, good monsoon and upcoming festive season. The company said it plans to launch several products in both ICE and EV categories. Hero MotoCorp CEO Niranjan Gupta said, “We remain on a profitable growth journey, crossing Rs 10,000 crore revenue for the first time.
The company will also launch new models in scooters
Gupta said that going forward our focus will be to build our brand in the premium segment based on the launches made in the last few quarters, so as to win in this segment. We will also launch new models in scooters in the next two quarters to re-energize this portfolio. Gupta said the company’s EV brand Vida is starting to increase its presence and market share, and Hero will expand the portfolio in the affordable segment within this financial year. He said the overall economic indicators in India are promising, and inclusive policies as well as capital allocation to the infra and rural sector announced in the Union Budget are expected to boost demand. Hero MotoCorp shares closed 1.36 per cent lower at Rs 5,240.45 per share on the BSE on Tuesday.
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