Companies

Hero MotoCorp Q4 consolidated net up 44% at ₹885 crore

Our Bureau New Delhi | Updated on May 07, 2021

Pawan Munjal, Chairman and CEO, Hero MotoCorp   -  Businessline

Pawan Munjal reappointed as Chairman and CEO for five years

Riding on robust sales, country’s largest two-wheeler manufacturer Hero MotoCorp on Thursday reported a consolidated net profit at .₹885 crore for the fourth quarter ended March 31, up 44 per cent year-on-year (YoY) as compared with ₹614 crore in the same period last year.

The company also said it has re-appointed Pawan Munjal as its Chairman and Chief Executive Officer, for a term of five years with effect from October 1 this year, subject to shareholders' approval.

Consolidated revenue from operations during the fourth quarter also grew 37 per cent YoY to ₹8,690 crore as against ₹6,334 crore in the January-March quarter last year, Hero MotoCorp said.

The company said it sold a total of 15.68 lakh units of two-wheelers during the quarter, registering a growth of 18.5 per cent compared to 13.23 lakh units in the corresponding quarter last year.

“Despite the challenges, Hero MotoCorp grew its market share in both motorcycles and scooters. We also grew our presence in the premium segment that would be further strengthened with our strategic partnership with Harley-Davidson,” Munjal said.

With the fresh surge in Covid-19, Hero MotoCorp is keeping a close watch on the rapidly-evolving situation, as it takes steps to protect the employees and operations, while also initiating relief measures to aid the efforts, he said.

“Going forward, we continue to remain cautiously optimistic on the demand for personal mobility despite the challenging circumstances. In line with our commitment to sustainability, Hero MotoCorp will continue to strengthen efforts towards driving in green mobility which will see us launch our first electric vehicle in this financial year. Our EV journey has further been augmented with our recent partnership with Gogoro, the developer of the world’s largest battery-swapping network,” Munjal added.

In terms of the full financial year, the company reported consolidated net profit of ₹2,936 crore, down 20 per cent as against ₹3,659 crore in the last financial year. Consolidated revenue from operations for 2020-21 was at ₹30,959 crore as against ₹29,255 crore in 2019-20.

Published on May 06, 2021

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