Hero MotoCorp on Friday said it has hiked prices of its products, ranging from Rs 500 to Rs 1,500. This comes on the back of competitors such as Bajaj Auto, TVS Motor and Honda Motorcycle and Scooters increasing prices recently.
Meanwhile, the company has reported a net profit of Rs 574 crore for the fourth quarter ended March 31, 2013, a 5 per cent fall from Rs 603 crore in the corresponding quarter last year.
Its total turnover for the quarter stood at Rs 6,145 crore compared to Rs 6,034 crore in the same quarter in the previous year. The EBIDTA margin for the quarter stood at 13.83 per cent, HMCL said in a statement.
For the financial year 2012-13, the company reported a net profit of Rs 2,118 crore, down 11 per cent as compared to Rs 2,378 crore in previous year.
Total turnover of the company also dropped marginally to Rs 23,768 crore this financial year from Rs 23,579 crore last year.
“FY’13 has been a rough year for the overall Indian auto sector. Weak macroeconomic sentiment coupled with subdued consumer confidence adversely impacted the industrial growth and sales volumes,” Pawan Munjal, Managing Director and Chief Executive Officer, HMCL said.
“Considering the current environment, these are tough times for the auto sector in India and we remain cautiously optimistic about the growth prospects in the near term,” he added.
Dividend payout
Hero MotoCorp Ltd has announced a generous payout of Rs 60 per share for the year 2012-13.
in a communication to the stock exchanges, the company said its board of directors today recommended a dividend @ 3,000 per cent, that is, Rs 60 per equity share of Rs 2 each for the financial year 2012-13.
The stock fell 1.42 per cent at Rs 1,597 on the BSE today.