The company's consolidated revenue from operations also grew 5% YoY at Rs 8,851 crore in Q1 FY24.
10 Aug 2023 | 7801 Views | By Autocar Professional Bureau
Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, reported on Thursday a growth of 20% YoY in its consolidated net profit for the first quarter ended June 2023 at Rs 701 crore.
The company's consolidated revenue from operations also grew 5% YoY at Rs 8,851 crore in ...
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Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, reported on Thursday a growth of 20% YoY in its consolidated net profit for the first quarter ended June 2023 at Rs 701 crore.
The company's consolidated revenue from operations also grew 5% YoY at Rs 8,851 crore in Q1 FY24.
Hero MotoCorp expects momentum to build in the coming quarters on account of favorable economic indicators and positive consumer sentiments. With a slew of new launches lined up this year, Hero MotoCorp is also accelerating its presence in the premium space.
According to Niranjan Gupta, CEO, Hero MotoCorp, the company's underlying margins in the ICE business have returned to pre-covid levels.
"The singular focus as we move ahead will be growth and market share. We have begun strengthening our presence in the premium segment, and the pre-booking number for the Harley Davidson X440 is a good start. We will see more launches of new models in this segment over the next few quarters, as we intend to win big in the premium segment. Our EV presence is getting scaled up, and we are on track to cover 100 cities by December this year," Gupta said.
He further said that the key economic indicators are trending in a positive direction, and a normal monsoon augurs well for demand, as we will soon enter the festive season.
"Reduced inflationary pressures moving forward, should result in more spending power in the hands of consumers. Overall, we see a positive scenario on the demand side, especially for the second half of this year and onwards," Gupta added.
Driven by softening of commodity costs, accelerated savings programs, and judicious price increases, EBITDA margin for the quarter stood at 13.8%, reflecting an improvement of 250 bps. The underlying EBITDA margin for ICE Business stands at 14.5%, excluding the impact of EV business.