Hero MotoCorp fell 1.30% to Rs 2619.20 after the company's net profit rose 4% to Rs 711 crore on a 2% increase in revenues to Rs 8,031 crore in Q3 FY23 over Q3 FY22.
EBITDA declined by 4% to Rs 924 crore in Q3 FY23 from Rs 960 crore in Q3 FY22.
Profit before tax in Q3 FY23 stood at Rs 940 crore, up by 3% from Rs 911 crore in Q3 FY22.
The company sold 12.40 lakh units of motorcycles and scooters sold in Q3 FY23, which is lower by 4% as compared with 12.92 lakh units sold in Q3 FY22.
The company's board has approved an interim dividend of Rs 65 per share for the financial year 2022-23. Accordingly, the Board has fixed 17 February 2023 as record date for determining entitlement of members for the purpose of payment of interim dividend. The payment of interim dividend/ dispatch of dividend warrants will be completed by 9 March 2023.
Niranjan Gupta, chief financial officer (CFO), Hero MotoCorp, said: We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over next few quarters, especially in premium segment. This, coupled with our renewed focus on savings programme should also help in improving our margin profile going forward.
We are excited about our EV programme, with Vida being established as premium and aspirational brand. We are planning to roll this out across multiple cities in FY 24. Our R&D teams are working on accelerated portfolio expansion as well, in the EV space.
We expect two-wheeler industry to clock double digit revenue growth in FY24.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters.
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