Hero MotoCorp reports financial performance for first quarter of FY’ 2024, highlighting its largest motorcycle and scooter manufacturer. 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).
Driven by softening of commodity costs, accelerated savings programs, and judicious price increases, EBITDA margin for the quarter stood at 13.8%, reflecting an improvement of 250 bps. The underlying EBITDA margin for ICE Business stands at 14.5%, excluding the impact of EV business. Profit Before Tax and exceptional item for Q3 reached Rs. 1,255 Crore, a 52% growth from the previous quarter’s Rs. 824 Crore. PBT after VRS charge of Rs 160 cr reached Rs 1,095 Crore.
Profit After Tax (PAT) increased 51% to Rs. 945 Crore, PAT increased to Rs. 825 Crore, and Consolidated Revenue from Operations (ROO) rose 5% to Rs. 8,851 Crore. Hero MotoCorp anticipates momentum in the coming quarters due to favorable economic indicators and consumer sentiments, accelerating its premium presence. 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.”
