Hero MotoCorp logs 32% y-o-y growth in Q1 net profit; revenue jumps ~4%

11 Aug 2023 , 12:01 PM

Hero MotoCorp Ltd reported a 32% year-on-year increase in its first quarter standalone net profit at Rs 825 crore, up from Rs 624.52 crore a year ago, aided by higher prices, improved operating performance, and reverse-of-invention benefits. Revenue climbed 4.5% y-o-y to Rs 8,767.27 crore in Q1FY24 from Rs 8,392.54 crore in the previous corresponding quarter.

Despite a drop in numbers, the country’s top two-wheeler manufacturer reported strong financial results. Total sales, including exports, fell by 3% to 13.53 lakh units from April to June, compared to 13.90 lakh units at the same time last year. Domestic sales fell by 0.8% year-on-year, while exports fell by 43%.

EBITDA for the first quarter of fiscal year 24 was Rs 1,206 crore, a 28% increase over the previous corresponding quarter. The EBITDA margin for the quarter came in at 13.8%, an increase of 250 basis points (bps).

Consolidated income from operations was Rs 8,851 crore, a 5% increase over the previous year, while consolidated PAT was Rs 701 crore, a 20% increase over the previous year.

At around 11.56 PM, Hero MotoCorp was trading 1.16% lower at Rs 3,000.55 per piece, against the previous close of Rs 3,035.90 on NSE. The counter touched an intraday high of Rs 3,073.35, and a low of Rs 2,980.

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