Hero MotoCorp Q1 Results: PAT zooms 32% YoY to Rs 825 crore, revenue rises 4%
Hero MotoCorp on Thursday reported a 32% year-on-year (YoY) growth in net profit for the quarter ended June 2023 to Rs 825 crore. Revenue from operations grew 4.5% YoY to Rs 8,767.3 crore.
While the profit was in line with expectations, the topline missed an ET Now poll of Rs 8,934 crore. Operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), grew 28% on-year in the quarter to Rs 1,206 crore, driven by softening commodity costs, cost efficiency measures, and judicious price increases.
EBITDA margin for the quarter improved 250 basis points to 13.8%. The underlying EBITDA margin for ICE business stood at 14.5%, excluding the impact of the electric vehicle business, the company said in a release.
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