Hero MotoCorp net profit jumps 18% to Rs 883 cr on better sales

Led by better sales, the country’s largest two-wheeler manufacturer Hero MotoCorp on Monday reported a standalone net profit of Rs 883 crore for the first quarter ended June, up 18 per cent, compared with Rs 747 crore in the corresponding period last year.

Total income also rose around 8 per cent to around Rs 8,011 crore during the quarter from Rs 7,435 crore in April-June quarter last year.

The company sold a little more than 17.45 lakh two-wheelers during the first quarter of this year compared with around 16.46 lakh units in the first quarter of 2015.

“The first quarter of this fiscal carried the growth trajectory that we set for ourselves in the previous quarter. The sales growth is reflected in the positive financial results for the quarter, and has given us the momentum to carry forward as we prepare for the upcoming festive season,” Pawan Munjal, Chariman and Managing Director and Chief Executive Officer, Hero MotoCorp, said.

With the above average monsoon so far and the implementation of the Seventh Pay Commission, the company remain cautiously optimistic about the remaining months of this fiscal year, he added.

Shares of the company were trading at Rs 3,500.10 on the BSE at 2.21 pm, up 1.92 per cent from the previous close.