Pawan Munjal appointed vice-chairman of Hero MotoCorp

Pawan Munjal, currently managing director and CEO of Hero MotoCorp, has been elevated to a newly-created position of vice-chairman of the company. With the board of directors of the country’s largest two-wheeler manufacturer giving its approval at its meeting in New Delhi today, he will now hold the position of vice-chairman and managing director.

Riding on its highest-ever quarterly sales of 17,15,254 two-wheelers in the first quarter  (April-June) of this fiscal, Hero MotoCorp’s total turnover (net sales and other operating income) in Q1 stood at Rs 7,036.84 crore – a 14.24 percent growth over Q1 2013-14 (Rs 6,159.52 crore). EBIDTA margin for the quarter stands at 13.46 percent.

The company has remained the world’s largest two-wheeler manufacturer in terms of unit volumes sold in a calendar year by a single company since 2001 – the year Pawan Munjal took over as the MD and CEO.

Q1 2014-15 Profit After Tax (PAT) is Rs 562.76 crore, compared to Rs 548.58 crore in Q1 2013-2014 and Rs 554.43 crore in the previous quarter (January-March 2014).

Dr Brijmohan Lall, chairman, Hero MotoCorp, said: “The Board is delighted to elevate Pawan to the position of vice-chairman. This is an acknowledgement of his inspiring leadership and progressive vision which has helped Hero MotoCorp strengthen its No. 1 position in a highly competitive and volatile market. There are challenging times ahead and yet, under the leadership of Pawan, the future looks promising as well as exciting. It is, therefore, the right time to strengthen the hands of Pawan as he leads Hero MotoCorp to a new era of innovation and technological excellence.”

Pawan Munjal said, “I take this as an acknowledgement of all the good work that we have done as a team in building on our leadership over the past several years. As we embrace new technologies and expand our global footprint across continents, the journey ahead is going to be far more exciting.

“It was yet another action-packed quarter for us. With the formation of a joint venture in Bangladesh, we have commenced activities for setting up of manufacturing plant there. We also commenced operations in our new manufacturing facility at Neemrana in Rajasthan. We have continued to sustain our robust volume growth despite the overall sluggish industry scenario. Despite the sub-normal monsoon in some parts of the country impacting sentiments, we are confident of consolidating our market leadership by clocking growth in the double digit in the rest of the fiscal.”