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Country’s largest two-wheeler manufacturer Hero MotoCorp on Tuesday reported a net income of ₹976 crore for the second quarter ended September 30 — down 3 per cent as compared with ₹1,010 crore in the corresponding period last year.
However, total income for the quarter rose by around 10 per cent to ₹9,314 crore (₹8,489 crore).
The company said it sold 21.34 lakh units during the period as compared with around 20.23 lakh units sold in July-September period of 2017.
“While the global economy has been stable and firm in the last quarter, the India story continues to fascinate the world with an expected growth of more than seven per cent. We, at Hero MotoCorp, have created sturdy financial structures and robust market demand for our iconic brands, and have been consistently reporting sequential growth quarter-after-quarter,” Pawan Munjal Chairman, Managing Director and Chief Executive Officer, Hero MotoCorp, said.
He said the company expects to carry the momentum forward during the rest of the year, and navigate through the cost challenges to deliver profitable and sustained growth.
For the half-yearly period (April-September) this year, Hero MotoCorp reported its highest-ever half-yearly sales of 42,40,680 units. With the peak festive season approaching, the company is gearing up to set another global benchmark in retail sales during this period, it added.
Board appointment
Meanwhile, Hero MotoCorp also announced that the board has appointed Jagmohan Singh Raju as an Additional Director effective November 15. He will be an Independent Non-Executive Director in terms of Companies Act and SEBI Listing Regulations, with a tenure of five years, subject to approval of shareholders at the next Annual General Meeting.
Raju is currently the Vice Dean of Executive Education and the Joseph J Aresty Professor of Marketing at the Wharton School of the University of Pennsylvania. He holds a PhD in Business, an MS in Operations Research, and an MA in Economics from Stanford University (California). He is also a MBA from the Indian Institute of Management, Ahmedabad, and has a BTech degree in electrical engineering from the Indian Institute of Technology, Delhi.
Shares of Hero MotoCorp closed at ₹2,898.70 on the BSE on Tuesday, up 0.53 per cent from the previous close.
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