Hero MotoCorp Q2FY24 net profit jumps 47% to Rs 1,054 cr
Mumbai: Hero MotoCorp announced a 47 percent increase in net profit, reaching Rs 1,054 crore for the quarter ending on September 30, 2023, a significant rise from the Rs 716 crore profit recorded in the same period last year.
Hero MotoCorp, headquartered in New Delhi, reported a 4.1 percent increase in revenue from operations, reaching Rs 9,445.42 crore for the quarter, compared to Rs 9,075 crore in the corresponding period of the previous fiscal year.
In the September 2023 quarter, Hero MotoCorp's earnings before interest, depreciation, taxes, and amortization (EBIDTA), or operating margin, stood at Rs 1,328.3 crore, reflecting a 27.9 percent increase from the Rs 1,038 crore reported in the same period the previous year.
The operating margin for Q2FY24 improved by 270 basis points, rising to 14.1 percent from 11.4 percent in Q2FY23.
In the quarter, the combined revenue and Profit After Tax (PAT) were Rs 9,533 crore and Rs 1,007 crore, respectively. For the first half of the fiscal year, the consolidated revenue and PAT stood at Rs 18,384 crore and Rs 1,708 crore, respectively.
Today, the two-wheeler manufacturer announced a 26.5 percent surge in overall sales, reaching 574,930 units in October 2023, in contrast to 454,582 units in the corresponding month of the previous year.
Specifically, motorcycle sales totalled 529,341 units last month, showing a 26.2 percent increase from 419,568 units in October 2022, as reported by Hero MotoCorp in a regulatory filing.
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