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Strong demand from rural areas and higher sales help Hero MotoCorp report net profit of ₹967 crore for the fourth quarter ended March 31, up 35 per cent, against ₹718 crore in the same quarter last year.
Net sales during the quarter rose by 24 per cent year-on-year (YoY) to ₹8,564 crore against ₹6,923 crore in the corresponding quarter last year, the company said.
The company sold 20,01,595 units in the January-March quarter compared with 16,21,805 units in the corresponding quarter last year.
On a yearly basis, Hero MotoCorp clocked highest-ever sales of 75,87,154 units in a financial year. The company had sold 66,64,240 units in the previous financial year.
For the full year, the company reported net profit of ₹3,697 crore, up nine per cent, compared with ₹3,377 crore in 2016-17. Net sales also rose by 13 per cent during 2017-18 to ₹32,230 crore against ₹28,500 crore in the previous financial year.
“The fiscal year 2018 proved to be yet another year of record performances and landmark achievements – be it domestic sales, global expansion or in the field of research and development, manufacturing excellence and technological innovations at Hero MotoCorp and its alliances,” said Pawan Munjal, Chairman, Managing Director and Chief Executive Officer.
He said the company was focused on sustaining its leadership in the market and consistently increasing wealth for the investors.
“Another big leap, catering to popular customer demand, Hero MotoCorp, marked its entry in the premium motorcycle segment as it unveiled India’s first 200cc motorcycles – ‘XPulse’ and ‘Xtreme 200R’ — at the Auto Expo 2018. The sales will begin in FY19. At the same time, we will continue to build and explore new-age technology solutions to be future ready,” he said.
Speaking about electric vehicle strategy, Munjal said development is under way on the strategic priorities of engaging with the external ecosystem, including start-ups in a meaningful way.
Meanwhile, the company’s board recommended a final dividend of ₹40 per equity share for the financial year 2017-18.
The dividend, if approved at the upcoming AGM to be held on July 24, will be paid by August 23, 2018, the company said.
The company’s scrip closed at ₹3,662.30 on the BSE on Wednesday, down 1.91 per cent from the previous close.
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