Hero MotoCorp posts Q2 net profit of Rs 1,004 cr; up 28%

Updated - January 16, 2018 at 10:07 PM.

Higher volume sales trend likely to continue: Munjal

Pawan Munjal, Chairman, Managing Director and Chief Executive Officer, Hero MotoCorp

Hero MotoCorp has reported a net profit of ₹1,004 crore for the second quarter ended September, up around 28 per cent compared with ₹786 crore in the corresponding period last year.

Total income also rose by 15 per cent to around ₹8,449 crore during the period compared with ₹7,346 crore in the July-September quarter last year, the company said. EPS stood at ₹50 against ₹39.

The company has achieved some milestones also during September such as 70 million cumulative sales mark and highest-ever monthly sales (6,74,961 units).

The company sold 18,23,498 units as of September end this year, as compared with 15,74,861 units in the corresponding period previous year.

“The second quarter of this fiscal has been a defining phase in the journey of our young brand.

“The highest-ever volume sales during the quarter is a reiteration of the overwhelming customer preference of our products, and a testimony to our market leadership,” said Pawan Munjal, Chairman, Managing Director and Chief Executive Officer.

Munjal said the company has also delivered its commitment of further strengthening the profitability by crossing the threshold ₹1,000 crore in net profit for the first time in a quarter.

The domestic market has seen a revival in the past two quarters due to an above-average monsoon and positive consumer sentiment, he said.

“The trend is expected to continue through the year and likely to result in double-digit growth for the industry.

“In the global markets, however, the industry continues to face headwinds due to volatile business environment driven by continued weakness in crude oil prices and sharp depreciation of local currencies,” Munjal added. The company’s scrip closed at ₹3,421.55 on the BSE on Wednesday, up 1.92 per cent from the previous close.

Published on October 26, 2016 12:52