Hero MotoCorp is bullish on growth momentum for the upcoming Dhanteras and Diwali festival.
24 Oct 2019 | 9118 Views | By Autocar Professional Bureau
Hero MotoCorp, the world's largest two-wheeler manufacturer, today reported its financial performance for Q2 FY2020. During the quarter the company reported revenue of Rs 7,571 crore, down 17 percent (Q2FY2019: Rs 9,091 crore) and profit after tax at Rs 875 crore, down by 10 percent (Q2 FY2019: Rs 976 crore).
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Hero MotoCorp, the world's largest two-wheeler manufacturer, today reported its financial performance for Q2 FY2020. During the quarter the company reported revenue of Rs 7,571 crore, down 17 percent (Q2FY2019: Rs 9,091 crore) and profit after tax at Rs 875 crore, down by 10 percent (Q2 FY2019: Rs 976 crore).
During H1 FY2020, the company's standalone revenue from operations was Rs 15,601 crore (-13%), compared to Rs 17,901 crore for the same period last year. The PAT stood at Rs 2,132 crore (13%) vs Rs 1,885 crore in previous year.
Commenting on the results, Niranjan Gupta, CFO, Hero MotoCorp said: “Our retail sales during the ongoing festive season have been quite steady so far, thanks to the new motorcycles and scooters that we have launched recently, and our slew of innovative schemes for customers. We hope to keep the momentum during the upcoming Dhanteras and Diwali festivals. We have launched five new products - including three new premium motorcycles and two scooters - in the first five months of the financial year, at a time when companies are holding back new product launches and investments. The initial market response to these products - the XPulse twins and the Xtreme 200S motorcycles and the Maestro Edge 125 Fl - India's first scooter with Fuel Injection technology - and the Pleasure+ 110 scooter - has been quite encouraging."
Sanjay Bhan, Head - Sales, Aftersales and Parts, Hero MotoCorp said: ''Growth of the industry is driven by first time customers. We have therefore, aggressively pursued this segment of customers through various innovative financing options, both in terms of affordability and convenience. This has helped us to expand our customer base during the ongoing festive season. We are also gearing up for the market launch of our first BS VI motorcycle soon after the festive season, which will mark the commencement of the sequential transition to our BS VI range over the next few months."
In other news Hero MotoCorp continued to move forward on its 'Diversity' journey and surpassed a significant milestone by inducting its 1000th woman employee. The company also initiated customer engagement initiatives by commencing delivery of new motorcycles and scooters to customers at their doorstep.