Hero MotoCorp Q1 profit soars 36% to Rs 1123 crore on steady sales, higher price
Hero MotoCorp Tuesday beat street estimates to report a 36% increase in net profit at Rs 1122.63 crore for the three months ended June 30, 2024 driven by steady recovery in motorcycle sales in the local market and higher average selling price of vehicles.
The company had reported net profit of Rs 824.72 crore in the corresponding period of the last financial year.
Revenues from operations last quarter rose by 15.8% to a record Rs 10,143.73 crore. This is the first time that the company’s revenues crossed the Rs 10,000 crore mark in a quarter.
Total expenses in the quarter under review went up by 14.8% to Rs 8,881.99 crore. The company sold 15.35 lakh two-wheelers last quarter, which is an increase of 13.5% over 13.53 lakh units sold in the year-ago period.
Earnings before interest, tax, depreciation and amortisation (EBITDA) went up by 21% to Rs 1,460 crore in Q1 FY25. EBITDA margin last quarter expanded to 14.4%.
Hero MotoCorp witnessed positive trends across domestic, electric vehicle and global business verticals last quarter, the company said in a statement, adding, it expects demand momentum to build up over the next few quarters on back of positive consumer sentiments, good monsoons and the upcoming festive season.
Niranjan Gupta, Chief Executive Officer at Hero MotoCorp, said, “We continue to be on the profitable growth journey, crossing Rs 10,000 crore revenue for the first time ever, accompanied by highest ever underlying PAT. As we surge forward, we are investing behind long-term capacity building
