Hero Motocorp shares fell 4% after reporting lower Q1 results

14 Aug 2024 , 12:38 PM

Hero MotoCorp shares slumped 4.2% in early trade on Wednesday, touching a day low of Rs 5,023.10 on the BSE. This reduction came after the company reported a 36% year-on-year (YoY) increase in net profit, which was lower than analysts’ expectations.

The company’s standalone net profit for the quarter ended June 2024 was Rs 1,123 crore, while revenue from operations was Rs 10,144 crore, up 16% from Rs 8,767 crore reported in the same quarter the previous year.

In its filing with the exchanges, the two-wheeler manufacturer said that PAT was its highest ever after correcting for special items.

Furthermore, the EBITDA margin rose over the prior year to 14.4%.

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