Latest News | Hero MotoCorp Q1 Net Up 19.63% at Rs 700.54 Cr

New Delhi, Aug 10 (PTI) Two-wheeler maker Hero MotoCorp on Thursday reported a 19.63 per cent rise in consolidated net profit at Rs 700.54 crore in the first quarter ended June 30, 2023.

The company had posted a consolidated net profit of Rs 585.58 crore in the first quarter last fiscal, Hero MotoCorp said in a regulatory filing.

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Consolidated revenue from operations during the quarter under review stood at Rs 8,851.01 crore as against Rs 8,447.54 crore in the year-ago period, it added.

Total expenses were higher at Rs 7,840.13 crore as compared to Rs 7,02.93 crore in the same quarter a year ago.

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Hero MotoCorp said it sold 13.53 lakh units of motorcycles and scooters in the first quarter.

"Our underlying margins in ICE (internal combustion engine) business has returned to pre-covid levels, providing us the necessary fuel for growth as we move forward," Hero MotoCorp CEO Niranjan Gupta said.

On the outlook, he said, "The key economic indicators are trending in a positive direction, and a normal monsoon augurs well for demand, as we will soon enter the festive season.

"Reduced inflationary pressures moving forward, should result in more spending power in the hands of consumers. Overall, we see a positive scenario on the demand side, especially for the second half of this year and onwards."

The company has started strengthening presence in the premium segment and the pre-booking number for Harley Davidson X440 is a good start, he added.

"We will see more launches of new models in this segment over the next few quarters, as we intend to win big in the premium segment. Our EV presence is getting scaled up and we are on track to cover 100 cities by December this year," Gupta said.

(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)