 "Hero MotoCorp, industry, automaker")
Hero MotoCorp Ltd, on Thursday, reported a 37% jump in fourth-quarter profit , helped by higher vehicle sales in the domestic market.
The company’s profit jumped to Rs 859 crore ($105 million) for the three months ended March 31 from Rs 627 crore a year earlier.
Hero MotoCorp reported march-quarter revenue from operations at Rs 8,307 crore. It was Rs 7,422 crore in the last quarter of FY22.
Commenting on the company's performance, Hero MotoCorp CEO Niranjan Gupta said the company has been able to drive margin expansion and profitable growth this quarter through a judicious combination of pricing, savings, and product mix. "In the coming fiscal year, we have lined up a slew of product launches in different segments with an aim to strengthen our premium portfolio as well as premiumisation of existing models, which will help us deliver improvement in market share," he added.
The company is also accelerating its EV rollout, with a plan to be in 100 cities within this calendar year, Gupta said.
"Apart from exclusive Vida outlets in certain cities, we will be using our existing distribution system across cities to ensure wider reach. The recent price revision now makes Vida accessible to more customers, and we expect this will increase the EV transition in scooter category," he added.
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Gupta noted that the economic activity in India continues to build momentum with key indicators moving in the positive direction.
"We do expect two-wheeler industry revenue growth to be double-digit in the coming year," he stated.
Shares of the company ended 0.43 per cent up at Rs 2,514.05 apiece on the BSE.
(With agencies input)
