Hero MotoCorp on Thursday reported consolidated net profit of ₹811 crore for the fourth quarter ended March 31, riding on the back of robust sales, a jump of 31 per cent year-on-year (y-o-y) as compared with ₹621 crore in the corresponding period last year.
Total income also rose by 14 per cent y-o-y to ₹8,672 crore in the period under review from ₹7,628 crore in the year-ago period, Hero MotoCorp said.
The country’s largest two-wheeler manufacturer reported sales of 12.70 lakh units in the fourth quarter, up seven per cent, as compared with 11.89 lakh units in the same period of 2021-22 fiscal.
For the year ended March 31, the company reported a consolidated net profit of ₹2,800 crore as against ₹2,329 crore in the fourth quarter of the previous financial year.
Total income also increased to ₹34,727 crore in the January-March quarter as against ₹30,106 crore in the same period in FY2021-22.
The company also announced that its Board declared a final dividend of ₹35 per share taking the total dividend for the year to ₹100 (5,000 per cent) on face value of ₹2 per share, subject to the declaration in the ensuing annual general meeting to be held on August 9, and the dividend be paid by September 8.
“In the coming fiscal year, we have lined up a slew of product launches in different segments with an aim to strengthen our premium portfolio as well as premiumisation of existing models, which will help us deliver improvement in market share,” Niranjan Gupta, Chief Executive Officer, Hero MotoCorp, said.
He said the company has been able to drive margin expansion and profitable growth this quarter through a judicious combination of pricing, savings, and product mix.
The company is also accelerating its EV rollout, with a plan to be in 100 cities within this calendar year, Gupta said.
“Apart from exclusive Vida outlets in certain cities, we will be using our existing distribution system across cities to ensure wider reach. The recent price revision now makes Vida accessible to more customers, and we expect this will increase the EV transition in scooter category,” he added.
Gupta also noted that the economic activity in India continues to build momentum with key indicators moving in the positive direction and expects the “two-wheeler industry revenue growth to be double-digit in the coming year.”
Shares of Hero MotoCorp closed at ₹.2,514.05 apiece on the BSE on Thursday, up 0.43 per cent, from the previous close.
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