 "Hero Motocorp Ltd Q2FY24 result: Net profit jumps 47% YoY to Rs 1,007 cr")
Hero Motocorp Limited reported a jump of 47.59 per cent in its consolidated net profit in the quarter ended September 30 to Rs 1,007.04 crore, as compared to Rs 682.28 crore in the same quarter last year. As compared to Rs 700.54 crore in Q1FY24, the net profit was up 43.75 per cent.
The company announced an interim dividend of Rs 35 per equity share.
The revenue from operations for Q2FY24 came in at Rs 9,533.07 crore, compared to Rs 9,158.23 crore year-on-year (y-o-y), registering a rise of 4.09 per cent. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was up 7.70 per cent. It stood at Rs 8,851.01 crore in Q1FY24.
The total income for Q2FY24 came in at Rs 9,741.17 crore, compared to Rs 9,252.22 crore y-o-y, registering a rise of 5.28 per cent. On a q-o-q basis, the total income was up 7.32 per cent. It was Rs 9,076.55 crore in Q1FY24.
Niranjan Gupta, chief executive officer (CEO), Hero MotoCorp, said, “Supported by its relatively stronger macro‐economic fundamentals, India has continued to outperform most of the large global economies. 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. Our results for the second quarter as well as the first half of the fiscal reflect our continued financial discipline and prudent capital allocation even as we ensure premiumisation of our portfolio."
In a press release, the company stated that it sold around 1,416,000 units of motorcycles and scooters Q2FY24. It said that the company received more than 25,000 bookings for the Harley-Davidson X440 in this quarter.
The Hero Motocorp Limited stock closed at Rs 3,089 on Wednesday.