Hero MotoCorp Q3 Results FY2023, Net profit at Rs. 711 crores

Shreya Anaokar 8th February 2023 - 05:09 pm

On 7th February, Hero MotoCorp announced its results for the third quarter of FY2023.

Key Highlights:

- Revenue from operations at Rs. 8,031 Crore, a growth of 1.9% over the corresponding quarter in the previous fiscal.
- The EBITDA for the Quarter stood at Rs. 924 Crore
- Profit Before Tax was reported at Rs. 940 Crore
- Profit After Tax stood at Rs. 711 Crore

Business Highlights:

- During the quarter, VIDA, Powered by Hero, the emerging mobility brand of Hero MotoCorp, commenced customer deliveries of its electric vehicle - the VIDA V1 scooter.
- Launched the much-awaited XPulse 200T 4Valve
- In total, 12.40 lakh units of motorcycles and scooters were sold in Q3FY23.

Commenting on the results, Mr. Niranjan Gupta, Chief Financial Officer (CFO), of Hero MotoCorp, said “We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over the next few quarters, especially in the premium segment. This, coupled with our renewed focus on the savings programme should also help in improving our margin profile going forward, We are excited about our EV programme, with Vida being established as a premium and aspirational brand. We are planning to roll this out across multiple cities in FY 24. Our R&D teams are working on accelerated portfolio expansion as well, in the EV space.
The recently presented Union budget, with its focus on increasing capex investment on one hand and disposable income on the other, augurs well for the growth of the economy as well as the auto sector. We expect the two-wheeler industry to clock double-digit revenue growth in FY 24.”

The company declared an interim dividend @ 3,250% i.e Rs. 65 per equity share.

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Shreya Anaokar

Disclaimer: Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.

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