Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, reported a standalone net profit of Rs 1,016.05 crore for the quarter ended March 31, 2024, up by over 18% as compared to Rs 858.93 crore in the year-ago period.
During the reporting period, the company's standalone revenue from operations stood at Rs 9,519 crore, 14.6% higher than the Rs 8,306.78 crore reported in the corresponding period of the last financial year.
Two-wheeler major's consolidated revenue for the quarter stood at Rs 9,617 crore, a growth of 14% over previous year and PAT at Rs 943 crore, a growth of 16% over the previous year.
"The financial year 2024 has been a remarkable period for Hero MotoCorp. During the year, our focus on product launches, network upgrades and customer satisfaction drove us to new heights. From the highest number of product launches to the expansion of new format retail outlets and upgrades at super speed, to a digital-first approach in premium, we set the building blocks in place for accelerated growth in the future."
"Our fiscal prudence and strategic actions ensured that our financial performance has been robust, resulting in highest ever annual revenue and profits," said Niranjan Gupta, CEO of the company in an official release.
Moving forward, the company expects 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 segments in FY24."
"Further, we are going to boost the scooter portfolio by launching Xoom 125 cc and Xoom 160 cc in the first half of the fiscal year. The coming year will see us taking big strides in EVs through product launches in the mid and affordable segments. Overall, we see a very positive outlook for upcoming years,” Gupta added.