Hero gets a lift from cool bikes, festive spirits
₹1,073 crore in the third quarter, mirroring the lift in profits and volumes seen by listed peers Bajaj Auto & TVS Motor Company. The company also reported a 21% increase in revenue from operations to ₹9,723.73 crore in Q3FY24, versus ₹8,030.98 crore in Q3FY23. The company said it retailed 1.4 million units during the 32-day festive period during the quarter, its highest for any festive period so far.
Hero MotoCorp’s shares settled 2% higher at ₹4,908 on the BSE on Friday, touching their 52-week high during the day. The earnings released after market hours. The company is raising production of its high-capacity motorcycles like the Harley Davidson X440, the Mavrick 440 and the Karizma XMR to 10,000 units a month cumulatively, and also working on upgrading its distribution network to a more premium format, Gupta had said in an earlier interview to Mint.
The New Delhi-based two-wheeler maker is investing ₹600 crore over two years to build a new global parts facility in Andhra Pradesh to fuel its accessories, parts and spares business, which has surpassed ₹5,000 crore in annualized revenue, it said on Friday in a statement to the exchanges. It is also expanding its range of electric scooters under the Vida brand—it plans to introduce two new products in the mid and low or affordable price points, and one product in the B2B segment for e-commerce applications over the next 12 months, Gupta had said earlier. He had also predicted a revival of rural demand to media persons on the sidelines of an event in January.
Read more on livemint.com
