India News | Hero MotoCorp Q2 PAT Rises 47.6 Pc to Rs 1,007.04 Crore

New Delhi, Nov 1 (PTI) Two-wheeler maker Hero MotoCorp Ltd on Wednesday reported a 47.6 per cent rise in consolidated Profit After Tax (PAT) at Rs 1,007.04 crore in the September quarter, driven by higher revenue.

The company had posted a consolidated PAT of Rs 682.28 crore in the year-ago period, Hero MotoCorp said in a regulatory filing.

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Consolidated revenue from operations was at Rs 9,533.07 crore in the second quarter of the ongoing fiscal as against Rs 9,158.23 crore in the year-ago period, it added.

In terms of volume sales, the company said it registered 14.16 lakh units of motorcycles and scooters during the quarter.

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Total expenses were higher at Rs 8,385.5 crore as compared to Rs 8,292.25 crore in the corresponding quarter last fiscal.

"A healthy festive demand across most categories and specifically in the auto sector has demonstrated the underlying propensity of the robustness of the market.

"The consumer confidence is coming back, which augurs well for the growth momentum moving forward," Hero MotoCorp Chief Executive Officer Niranjan Gupta said.

The company's results for the second quarter as well as the first half of the fiscal reflect its "continued financial discipline and prudent capital allocation even as we ensure premiumisation of our portfolio", he added.

"The premium range of products which have been launched across all key models have been received by the customers very well. Our strong margin shape will help us even more in deploying necessary fuel behind growth priorities," Gupta said.

On the outlook, he said, "The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over the next few quarters will be important. However, the medium-term outlook for India in general and auto industry in particular appears quite encouraging."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)