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Hero MotoCorp Q1 PAT up 3.5% at Rs 914.04 cr

The company had posted a profit after tax of Rs 883.09 crore in the same quarter last fiscal, Hero MotoCorp said in a BSE filing.

business Updated: Jul 25, 2017 18:36 IST
Hero MotoCorp,PAT,two-wheeler market
Hero MotoCorp reported a 3.5% increase in profit after tax for the June-quarter.(Livemint)

Riding on its best-ever quarterly unit sales, two-wheeler market leader Hero MotoCorp today reported a 3.5 % increase in profit after tax at Rs 914.04 crore for the April-June quarter.

The company had posted a profit after tax of Rs 883.09 crore in the same quarter last fiscal, Hero MotoCorp said in a BSE filing.

Revenue from operations during the period under review stood at Rs 8,612.91 crore as against Rs 8,010.66 crore in the year-ago quarter, up 7.52 %.

The unit volume sales of 18,53,647 units during the April-June period this fiscal is the highest ever on a quarterly basis, the company said.

Hero MotoCorp’s volume sales during the period grew 6.2 % from 17,45,389 units in the year-ago period.

Commenting on the performance, Hero MotoCorp Chairman, Managing Director and CEO Pawan Munjal said: “In the first three months of this fiscal, we further consolidated our domestic motorcycle market share by clocking all-time high sales in the quarter.”

The growth in domestic market was aided by an improvement in overall market sentiment and robust demand for the company’s range of two-wheeler, he added.

India is currently experiencing a climate of stable economic and political environment even as several economies across the globe are passing through uncertainties, Munjal said.

“As the market leader in two-wheelers, Hero has been playing its role in driving the growth engine of the manufacturing sector with new investments and innovations,” he added.

On the outlook for the ongoing fiscal, Munjal said: “The new financial year promises to be an exciting one for the industry.”

With several new products planned for launch over the next few quarters, he said: “We remain committed to consolidating our domestic leadership and expanding our global footprint into new markets.”

Hero MotoCorp’s global business team has been engaged in brand building and customer engagement initiatives which has resulted in multiple Latin American and Asian markets also reporting encouraging growth during the quarter, he added.

Shares of Hero MotoCorp ended the day at Rs 3,706.85 apiece, up 0.43 % from the previous close on BSE.

First Published: Jul 25, 2017 18:35 IST