Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, today reported its financial performance for Q4 FY2019 and the fiscal year. The fourth quarter of FY2019 had been difficult for the overall industry, and for Hero MotoCorp it was no different. The Q4 FY2019 revenue was Rs 7,885 crore, down 8 percent YoY, while PAT came at Rs 730 crore, a drop of 24.5 percent YoY.
In FY2019, Hero MotoCorp sold a record 7,820,745 units, which helped the company register a revenue of Rs 33,651 crore (+4%), while PAT came at Rs 3,385 crore, down 8 percent compared to the same period last year.
Commenting on the result, Dr Pawan Munjal, chairman, Hero MotoCorp, said, "We remain committed to creating sustained value for our stakeholders. It is a testimony to our grit and resilience that we registered record sales of 7.8 million units during the fiscal, amidst a sluggish market scenario in several geographies and maintained our leadership amidst challenging market environments. We also gave shape to our vision of creating multiple hubs of R&D excellence by setting-up our first international technology centre in Germany. Our commitment towards environment remains a continuous effort as our upcoming new Garden Factory at Chittoor in Andhra Pradesh leaps towards completion. Most significantly, this fiscal, we forayed into two new product segments the premium motorcycle space with Xtreme 200R' and the 125cc scooter category with 'Destini 125. We are aiming for aggressive market share gains in these categories."
"While the near-term prospect of the domestic two-wheeler market is likely to remain challenging, the festive season however is expected to brighten the sentiment and revive growth in the second half of FY 2020," added Dr Munjal.
Hero MotoCorpo expects FY 2020 to be yet another challenging year in view of the upcoming stringent emission norms of BS VI.