India’s largest two-wheeler maker, Hero MotoCorp, on Thursday reported a 58.62% year-on-year jump in its net profit to Rs 763 crore for the second quarter ended September on the back of a near 20% growth in sales.
This was the company’s best-ever quarter in terms of absolute profits. It had posted a net profit of Rs 481 crore during the same period last year.
It’s turnover during the quarter grew 20.76% to Rs 6,915 crore against Rs 5,726 crore in the year-ago period. Total sales stood at 16,92,593 units, up 19.5% from 1,41,627 units from last year.
“A concerted focus on costs has enabled us to have good margins,” said Pawan Munjal, vice-chairman and MD, Hero MotoCorp. “These numbers bode well for the festive season and we are looking at leveraging this momentum to ensure record retail sales in the month of October. The rupee depreciation, which had adversely impacted several sectors has also more or less stabilised.”
Shares closed at Rs 2,791.85 per share, down 2.27, on the BSE. The results were announced after the trading closed.