Hero MotoCorp Soars to New Heights with 65% Profit Surge
Hero MotoCorp Ltd reported a 65.24% increase in consolidated profit after tax, reaching Rs 1,705.65 crore in Q1 due to a gain from Ather Energy's IPO. Despite a dip in revenue and unit sales, strong demand for motorcycles and scooters, and a promising outlook support future growth.
- Country:
- India
On Wednesday, Hero MotoCorp Ltd announced a significant 65.24% increase in its consolidated profit after tax, totalling Rs 1,705.65 crore for the first quarter. This leap was primarily driven by the investment dilution gain in Ather Energy during the latter's IPO.
Comparatively, the two-wheeler giant posted a consolidated profit after tax of Rs 1,032.21 crore in the same quarter of the previous fiscal year. However, the company's revenue from operations slightly decreased, settling at Rs 9,727.75 crore compared to Rs 10,210.79 crore the previous year.
During this period, Hero MotoCorp also saw an 11% decrease in two-wheeler sales, with 13.67 lakh units sold compared to 15.35 lakh units last fiscal. Despite this, demand for its entry-level and deluxe motorcycles, 125cc scooters, and advancements in its electric mobility business, supported by new product launches, point to continued growth potential.
(With inputs from agencies.)
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