Hero MotoCorp net profit up marginally at ₹1,010 cr in Q2
NEWDELHI: The country’s largest two wheeler maker, Hero MotoCorp, on Wednesday posted a marginal increase in its net profit at ₹1,010.49 crore for the second quarter ended September 30, although it clocked a record two million units sales during the period. The company had reported a net profit of ₹1,004.22 crore during the same period of the previous fiscal.
Profit figures, however, missed analyst estimates. Analysts on average had expected a profit of ₹1,040 crore during the quarter, Thomson Reuters data showed.
Total income of the company stood at ₹8,479.59 crore for the second quarter, compared to ₹8,601.10 crore for the same period of the previous fiscal, Hero MotoCorp said in a statement.
“We clocked two million unit sales in a quarter for the first time, which also included the 7 lakh-plus sales in September –both global records,” Hero MotoCorp chairman, MD and CEO Pawan Munjal said.
The volume sales posted in July-September period this fis- cal is the company’s highest ever sales in a quarter, it added.
It registered sales of 20,22,805 units during the period, a growth of 10.9% over 18,23,498 units in the same period of the previous fiscal.
“The all-time high sales in the quarter have translated into strong financial growth, reflecting the customers’ unwavering preference for our products and trust in the brand,” Munjal said.
This has also set a new benchmark in the company’s bottom line, he added.
Shares of the company ended down 0.99% at ₹3,816.45 on the BSE on Wednesday.
PTI AND REUTERS