May 19, 2024 04:00 (IST)
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Hero MotoCorp Q4FY24 profit grows 18% YoY to Rs Rs 1,016 cr

Hero MotoCorp Q4FY24 profit grows 18% YoY to Rs Rs 1,016 cr

India Blooms News Service | @indiablooms | 08 May 2024, 03:58 pm

Mumbai: Hero MotoCorp on Wednesday announced an 18 percent increase in net profit, reaching Rs 1,016 crore for the quarter ending on March 31, 2024.

This growth was fuelled by strong volume expansion, a more diverse product lineup, reduced commodity costs, and higher average selling prices.

The company's revenue for Q4FY24 surged by 15 percent to Rs 9,519 crore compared to Rs 8,307 crore in Q4FY23.

For the fiscal year 2023-24, Hero MotoCorp declared a final dividend of Rs 40 per share with a face value of Rs 2.

Combining this with interim and special dividends, totalling Rs 100 per equity share, commemorating the centennial year of Chairman Emeritus Dr. Brijmohan Lall Munjal, the total dividend for the year amounted to Rs 140 per equity share, representing a whopping 7,000 percent.

Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said: “During the year, our focus on product launches, network upgrade and customer satisfaction drove us to new heights. From the highest number of product launches, to the expansion of new format retail outlets and upgrade at super speed, to a digital‐first approach in premium, we set the building blocks in place for accelerated growth in future.

“Moving forward, we expect the macro‐economic factors to aid the industry’s growth. With commodity prices remaining stable, expectations of normal monsoons, and government spending expected to increase, we see multiple tailwinds for the sector over the upcoming quarters. We will be driving market share gains on the back of our launches in premium and 125 cc segment done in FY24. Further, we are going to boost scooter portfolio by launching Xoom 125 cc and Xoom 160 cc in first half of the fiscal. Coming year will see us taking big strides in EV, through product launches in mid and affordable segment. Overall, we see a very positive outlook for upcoming years.

"EBIDTA margin for the quarter was at 14.3%, reflecting an improvement of 120 bps on an annual basis, driven by product mix, lower commodity costs, higher savings, and judicious price increases," said Hero MotoCorp in a stock exchange filing.

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