Hero MotoCorp Q2 Results FY2023, PAT at Rs. 716 crores

On 3rd November 2022, Hero MotoCorp announced its quarterly results for the second quarter of FY2023.

Q2FY23 Performance updates:

- Revenue from operations stood at Rs. 9,075 Crore, a growth of 7.4% over the corresponding quarter in the previous fiscal
- Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the Quarter stood at Rs. 1,038 Crore
- Profit Before Tax (PBT) was reported at Rs. 964 Crore 
- The motor company reported PAT at Rs.716 Crore 

Business Highlights:

- 14.28 lakh units of motorcycles and scooters sold in Q2 FY’23, and 28.18 lakh units of motorcycles and scooters sold in H1 FY’23
- Hero MotoCorp launched  Splendor+ XTEC, introduced the new Passion ‘XTec’, unveiled an exclusive Rally Edition of the widely popular motorcycle Xpulse 200 4V, and launched the new Xtreme 160R Stealth 2.0 edition. Unveiled 2022 Nightster Model launch in India, timed with the “World’s Best Job” campaign
- In the global business, Hero MotoCorp strengthened its commitment and operations in Turkiye with the introduction of Euro-5 compliant variants of its three globally popular products – The Xpulse 200 4V motorcycle and Dash 110 & Dash 125 scooters.
- Associated with the Automotive Component Manufacturers Association of India (ACMA), the apex body of the Indian auto component industry, for the one-of-its-kind EV Technology Expo in Jaipur 
- Collaborated with Hindustan Petroleum Corporation Limited (HPCL) to establish charging infrastructure for Electric Vehicles (EVs) in the country 
- Collaborated with Zero Motorcycles, California (USA)- based manufacturer of premium electric motorcycles and powertrains to co-develop Electric motorcycles. The company’s board also approved an equity investment of up to US$60 million in Zero Motorcycles.

Commenting on the results, Mr. Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said: “The Indian economy has continued to outperform the global growth supported by its relatively stronger fundamentals, and the return of its strong domestic consumption since the re‐opening of all the sectors post covid. A healthy festive period demand across most categories and specifically in auto sector have demonstrated that the underlying propensity to spend has gone up. Consumer confidence is coming back, which augurs well for growth momentum moving forward. Our Results reflect our continued financial discipline, focus on cost savings and capital allocation on one hand, while ensuring premiumisation of our portfolio on the other. The X tec Variants which have been launched across all key models have been received by the customers very well. We will continue to build presence in the premium segment through multiple launches over the next few quarters. The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over the next few quarters will be important. However, as the commodities cool off, and the rate cycle reaches its peak, the medium-term outlook for the Indian auto industry appears quite encouraging.”