The country’s largest two-wheeler manufacturer Hero Honda Motors Ltd again beat all expectations, reporting its best-ever quarterly results for April-June quarter this year. The company’s net profit for the period soared 83 per cent to Rs 500 crore from Rs 273 crore last year.
The numbers were primarily boosted by the company’s domestic sales, which grew 25 per cent during the period. Total turnover was also up 34 per cent to Rs 3,822 crore against Rs 2,851 crore last year.
“The momentum from last year has got us off to an excellent start this year,” said Pawan Munjal, managing director and chief executive officer, Hero Honda. “Our sales continue to be robust, and profitability has improved by a record margin. Our focus on continuous innovation in every sphere of business and fiscal discipline have allowed us to leverage our double-digit sales growth into robust earnings for the quarter.”
The company is targeting record sales of over 4 million units this year.
The company’s share price declined 2 per cent to close at Rs 1,640 on the BSE.