 "Hero Motocorp")
Two-wheeler maker Hero MotoCorp Ltd on Wednesday reported a 16.7 per cent rise in consolidated profit after tax to Rs 943.46 crore in the fourth quarter ended on March 31, 2024, riding on higher sales.
The company had posted a consolidated profit after tax of Rs 810.8 crore in the same period a year ago, Hero MotoCorp said in a regulatory filing.
Consolidated revenue from operations during the quarter under review stood at Rs 9,616.68 crore as against Rs 8,434.28 crore in the corresponding period a year ago, it added.
Hero MotoCorp said it sold 13.92 lakh units of motorcycles and scooters in Q4 FY24 as against 12.70 lakh units in Q4 FY23.
Total expenses were higher at Rs 8,427.36 crore in the fourth quarter as compared to Rs 7,508.94 crore in the same period a year ago.
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For the fiscal ended March 31, 2024, consolidated profit after tax was at Rs 3,742.16 crore as compared to Rs 2.799.9 crore in the previous fiscal.
Consolidated revenue from operations for FY24 stood at Rs 37,788.62 crore as compared to Rs 34,158.38 crore in FY23, it added.
Hero MotoCorp said it sold 56.21 lakh units of motorcycles and scooters in FY24 as compared to 53.29 lakh units in FY23.
"During the year, our focus on product launches, network upgrades and customer satisfaction drove us to new heights. From the highest number of product launches to the expansion of new format retail outlets and upgrade at super speed, to a digital-first approach in premium, we set the building blocks in place for accelerated growth in future," Hero MotoCorp Chief Executive Officer Niranjan Gupta said.
On the outlook, he said, "Moving forward, we expect the macroeconomic factors to aid the industry's growth. With commodity prices remaining stable, expectations of normal monsoons, and government spending expected to increase, we see multiple tailwinds for the sector over the upcoming quarters."
Gupta further said the company will be driving market share gains on the back of launches in the premium and 125 cc segment done in FY 24.
The company's board has recommended a final dividend of Rs 40 per share on the face value of Rs 2 per equity share subject to approval of the shareholders at the ensuing annual general meeting, the filing added.
"This dividend together with an interim and special dividend, marking the centennial year of Chairman Emeritus Dr Brijmohan Lall Munjal of Rs.100 per equity share, takes the aggregate total dividend for the year 2023-24 to Rs 140 per equity share," the company said.
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