Hero Motocorp Q2 results: Net profit jumps 47% to ₹1,054 crore; revenue up 4%

livemint.com:

Hero Motocorp posted a net profit of ₹1,054 crore in the second quarter of fiscal year 2023-24, which is 47 percent higher as compared to ₹716 crore reported in the year-ago period, as per the financial results declared by the company on November 1. The automobile major clocked an operational revenue of ₹9,445 crore during Q2FY24, higher by 4.1 percent as compared to ₹9,075 crore recorded in the corresponding period of the previous fiscal.

The company's earnings before interest, depreciation, taxes and amortisation (EBIDTA) came in at ₹1,328.3 crore in the September 2023 quarter, marking a jump of 27.9 percent as against ₹1,038 crore reported in the comparable year-ago period. Hero Motocorp's margin during Q2FY24 improved by 270 basis points, as it rose to 14.1 percent from 11.4 percent in Q2FY23.

Also Read: FIR filed against Hero MotoCorp alleging forgery, Pawan Munjal, top execs named The results of the second quarter reflect the company's “continued financial discipline and prudent capital allocation even as we ensure premiumisation of our portfolio. The premium range of products which have been launched across all key models have been received by the customers very well", Hero Motocorp's chief executive officer Niranjan Gupta said.

“Our strong margin shape will help us even more in deploying necessary fuel behind growth priorities. The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over next few quarters will be important.

However, the medium term outlook for India in general and auto industry in particular appears quite encouraging," Gupta added. While sharing the highlights of the quarter, the company pointed towards the launch of its co-developed premium motorcycle