Hero MotoCorp share price gains after decent Q2 results
Hero MotoCorp share price rose over 1% in early trade on Thursday after the automobile company reported decent earnings for the quarter ended September 2023. Hero MotoCorp shares rose as much as 1.86% to ₹3,149.95 apiece on the BSE.
Hero Motocorp, the world's largest two-wheeler manufacturer, reported a net profit of ₹1,054 crore in the second quarter of fiscal year 2023-24, registering a growth of 47% as compared to ₹716 crore reported in the year-ago period. Read here: Hero Motocorp Q2 results: Net profit jumps 47% to ₹1,054 crore; revenue up 4% The automobile major’s operational revenue during Q2FY24 rose 4.1% to ₹9,445 crore from ₹9,075 crore recorded in the corresponding period of the previous fiscal.
The company sold 14.16 lakh units of motorcycles and scooters in July-September 2023 quarter. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the September 2023 quarter jumped 27.9% to ₹1,328.3 crore from ₹1,038 crore, while EBITDA margin improved by 270 basis points to 14.1% from 11.4%, YoY, aided by commodity cost, leap savings, and product mix.
The company's board of directors also approved the voluntary proposal of Chairman Pawan Munjal to reduce his fixed salary by 20%. Also Read: Tata Steel share price trades flat after weak Q2 results; here's what analysts say “The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over next few quarters will be important.
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