Hero MotoCorp on February 7 reported a standalone net profit of Rs 711 crore for quarter ended December 2022, posting a 3.6 percent increase over Rs 686 crore a year ago.
The country's largest two-wheeler maker's revenue from operations during the quarter stood at Rs 8,031 crore, as compared to Rs 7,883 crore during Q3 FY22, witnessing an uptick of 1.8 percent.
According to a poll of brokerages conducted by Moneycontrol, standalone revenue from operations for Q3 was expected to come in at Rs 8,033 crore, up 2 percent on-year. Standalone profit after tax (PAT) was seen at Rs 667 crore, down by 3 percent over last year.
The New Delhi-headquartered company has also declared an interim dividend of Rs 65 per equity share for the financial year 2022-23. Its Earnings Before Interest, Tax, Depreciation, & Amortization
(EBITDA) for the quarter stood at Rs 924 crore.
Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said: “We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over next few quarters, especially in premium segment. This, coupled with our renewed
focus on savings programme should also help in improving our margin profile going forward."
Analysts had earlier presumed muted performance during Q3 FY 2022-23 wowing to lackluster demand for its product lines. “Strong festive demand could not be sustained later, resulting in a ~4 percent YoY decline in volumes during Q3 FY23,” noted analysts at Motilal Oswal Financial Services.
It may be recalled that Hero MotoCorp on had reported a 9.9 percent year-on-year decline in standalone net profit at Rs 716 crore for the quarter ended September 30, 2022. The country's largest two-wheeler maker had reported a net profit of Rs 794 crore in the year-ago period.
Revenue from operations in the quarter under review increased 7.4 percent to Rs 9,075.35 crore against Rs 8,453.40 crore in the same quarter last fiscal.
Hero MotoCorp closed at Rs 2,653.65 a piece on February 7 on the BSE, down 1.52 percent.
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