Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, reported its financial performance for the first quarter (April-June 2023) of the FY’ 2024. The company’s Revenue from Operations for the quarter stood at Rs. 8,767 Crore, (vs Rs. 8,393 Crore) and Total Income of Rs 8,989 Crore (vs Rs 8,446 Crore).
Quarterly EBITDA margin increased 250 bps due to cost reductions, savings programs.ICE Business’s margin stands at 14.5%, excluding EV business impact. Profit Before Tax and exceptional item for the quarter was at Rs. 1,255 Crore, reflecting a growth of 52% over Rs. 824 Crore reported in the previous quarter. PBT after exceptional item of VRS charge of Rs 160 cr stands at Rs 1,095 Crore. Mr. Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said “Our EV presence is getting scaled up and we are on track to cover 100 cities by December this year.”
Hero MotoCorp’s profit after tax increased 51% to Rs. 945 Crore, with PAT at Rs. 825 crore. Consolidated revenue from operations rose 5% to Rs. 8,851 Crore, and PAT at Rs. 701 Crore. The company anticipates momentum in the coming quarters due to favorable economic indicators and positive consumer sentiments.
