Hero MotoCorp has reported 51% jump in standalone net profit to Rs 1,073 crore on a 21% increase in revenue to Rs 9,724 crore in Q3 FY24 as compared with Q3 FY23.
EBITDA improved by 47% year-over-year (YoY) to Rs 1,362 crore and EBITDA margin rose by 250 basis points YoY to 14% in the third quarter, aided by commodity cost, leap savings, premiumisation and judicious price changes.
Hero MotoCorp sold 14.60 lakh units of motorcycles and scooters sold in Q3 FY24, up by 18% from 12.40 lakh units sold in Q3 FY23.
The companys consolidated revenue and PAT for the quarter was Rs 9,788 crore (up 21% YoY) and Rs 1,091 crore (up 51% YoY), respectively.
Hero MotoCorps focus on parts accessories & merchandise (PAM) business has led to the business crossing annualised revenue of Rs 5,000 crore. To support growth in this business, the company has planned for an expansion of its capacity with an outlay of Rs 600 crore.
The company declared an interim dividend of Rs 75 per share and a special dividend of Rs 25 per share, taking the overall Interim dividend to Rs 100 per share, commemorating the centennial year of chairman emeritus Dr. Brijmohan Lall Munjal. The record date for the same is 21 February 2024 and the dividend shall be paid on or before 09 March 2024.
Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said: Our recent launches in premium segment have met with early success, and we are ramping up capacity of our upper premium models.
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At the Hero World event in the month of January, we unveiled 2 more premium motorcycles‐ the Xtreme 125 R, and Mavrick 440. We will keep fortifying our premium portfolio backed by strong brand building and best in class phygital customer experience. Moving forward, our Margin shape will allow us to fuel our growth even more.
We have now expanded our EV presence to 100 cities in the country and we are rapidly building the charging infrastructure in collaboration with Ather. In coming fiscal, we will be launching new products in mid and affordable segment as well. We believe we are well placed to accelerate growth and increase our market shares as we move forward.
Hero MotoCorp is engaged in the manufacturing and selling of motorised two-wheelers, spare parts and related services. The Company is a leading two wheeler manufacturer and has a dominant presence in domestic market.
The scrip rose 2.05% to end at Rs 4908.50 on the BSE on Friday.
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