Hero Motocorp Q1 Results: Net profit up 36% YoY to INR 1,123 crore, revenue up 16%

Hero MotoCorp on Tuesday announced a standalone net profit of ₹1,123 million euros for the quarter ended June 30, 2024, marking an increase of 36% from ₹825 million reported in the same period last year.

The company’s income from operations for the quarter was ₹10,144 crore, up 16 percent from ₹8,767 crore in the corresponding quarter of the previous fiscal year.

Meanwhile, the EBITDA margin increased compared to the previous year, reaching 14.4%.

In its stock market filing, the two-wheeler company said it posted its highest ever PAT after accounting for exceptional items.

“We continue to be on a path to profitable growth, crossing over ₹10,000 crore revenue for the first time accompanied by highest ever underlying PAT. As we move forward, we are investing behind long-term capability development to ensure sustained growth in the future,” said Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp.

On the other hand, consolidated revenues and profit after tax (PAT) for the quarter were ₹10,211 crore and ₹1,032 million, respectively.

Hero MotoCorp saw positive trends in its domestic, electric vehicle (EV) and global segments during the quarter. The company has also seen sequential growth in retail sales as reflected in VAHAN data.

The company anticipates this momentum to continue in the coming quarters, driven by positive customer sentiment, favorable monsoon conditions and the approaching festive season. In addition, the company has a range of new product launches planned for both the internal combustion engine (ICE) and EV categories.

“We are witnessing a sharp market share recovery in the 125cc segment led by the new Xtreme 125cc model, while we continue to maintain a formidable market share in the entry and luxury 100/110cc segment of over 70%, fueled by by our brands like Splendor. , Passion and HF deluxe. Our objective going forward will be to build our brands in the premium segment based on the launches made in the last few quarters to win in this segment. We will be launching new scooter models in the next 2L as well to reinvigorate this portfolio,” added Gupta.