Hero Motocorp Limited increased its overall net profit by 47.59 percent in the quarter ended September 30 to Rs 1,007.04 crore, up from Rs 682.28 crore in the same quarter last year. The net profit increased 43.75 percent from Rs 700.54 crore in Q1FY24. The corporation declared a Rs 35 interim dividend per equity share.
The income from operations for Q2FY24 was Rs 9,533.07 crore, up from Rs 9,158.23 crore year on year (y-o-y), or a 4.09 percent increase. Revenue for operations increased 7.70% from quarter to quarter (q-o-q). In Q1FY24, it was Rs 8,851.01 crore.
The overall income for Q2FY24 was Rs 9,741.17 crore, up 5.28 percent from Rs 9,252.22 crore the previous year. Total income increased 7.32 percent year on year. In Q1FY24, it was Rs 9,076.55 crore.
"Supported by its relatively stronger macroeconomic fundamentals, India has continued to outperform most of the large global economies," stated Niranjan Gupta, CEO of Hero MotoCorp. A high festive demand across most categories, particularly in the auto sector, has proven the market's underlying proclivity for resilience.
The consumer confidence is coming back, which augurs well for the growth momentum moving forward. Our results for the second quarter as well as the first half of the fiscal reflect our continued financial discipline and prudent capital allocation even as we ensure premiumisation of our portfolio."
In a press release, the company stated that it sold around 1,416,000 units of motorcycles and scooters Q2FY24. It said that the company received more than 25,000 bookings for the Harley-Davidson X440 in this quarter. The Hero Motocorp Limited stock closed at Rs 3,089 on Wednesday.
