Hero MotoCorp reports 47% jump in net profit for Q2
New Delhi, Nov 1 (@DelhiBreakings.com) ★Hero MotoCorp, the two-wheeler major, has reported a 47 percent increase in net profit for the July-September quarter of the current financial year. The company’s net profit stood at Rs 1,054 crore, compared to Rs 716 crore in the same period last year.
Higher prices and easing input costs drive growth
The growth in net profit can be attributed to higher prices of Hero MotoCorp’s products and easing input costs. The company also witnessed a 4 percent increase in revenue from operations, which reached Rs 9,445.42 crore in the quarter.
Festive demand and consumer confidence boost market
Hero MotoCorp CEO Niranjan Gupta expressed satisfaction with the healthy festive demand and consumer confidence in the auto sector. He stated that this demonstrated the market’s robustness and boded well for future growth momentum. Gupta also mentioned that while global macro headwinds may create uncertainties, the medium-term outlook for the Indian auto industry appeared encouraging.
Increase in total sales reported for October
In October, Hero MotoCorp witnessed a significant increase in total sales, with 5,74,930 units sold compared to 4,54,582 units in the same month last year. Motorcycle sales accounted for 5,29,341 units, representing a 26.2 percent increase from the previous year.
Stocks close marginally higher
On Wednesday, the shares of Hero MotoCorp closed 0.15 percent higher at Rs 3,095 apiece on the Bombay Stock Exchange (BSE).
Summary:
- Hero MotoCorp reports a 47 percent jump in net profit for Q2 of the current financial year.
- The growth in net profit is attributed to higher prices of its products and easing input costs.
- Revenue from operations increased by 4 percent in the quarter.
- Festive demand and consumer confidence in the auto sector indicate a robust market.
- The medium-term outlook for the Indian auto industry appears encouraging.
- Total sales in October increased by 26.5 percent compared to the same month last year.
- Stocks of Hero MotoCorp closed 0.15 percent higher on Wednesday.
–@DelhiBreakings.com
pannu/vd
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