Hero Honda Q1 net zooms 83%; crosses 10 lakh mark
Hero Honda has reported a jump of 83.28% in its net profit at Rs 500.11cr for the quarter ended June 30 on account of robust sales amid softening input costs.
New Delhi: The country`s largest two-wheeler
maker Hero Honda today reported a jump of 83.28 per cent in
its net profit at Rs 500.11 crore for the quarter ended June
30 on account of robust sales amid softening input costs.
The net profit for the same period in the last fiscal
stood at Rs 272.87 crore, the company said in a statement.
Total income of the company rose by 33.72 per cent to Rs
3,864.92 crore during the April-June period of this fiscal
from Rs 2,890.25 crore in the same quarter a year earlier.
The company has crossed the 10-lakh-units mark in a
single quarter for the first time by selling 11,18,987 units
from 8,94,244 units in the year-ago period, up 25.13 per cent.
"Several other key factors such as cost rationalisation
across the board, softening of commodity prices and tax
benefits also contributed to the bottom line," it said.
The substantial tax benefit accrued on account of the
company`s full utilisation of the tax benefits available for
its Haridwar plant also resulted in bringing down the overall
effective tax rate, the statement added.
"Our ongoing focus on continuous innovation in every
sphere of our business and fiscal discipline has allowed us to
leverage our double-digit sales growth into robust earnings
for the quarter," Hero Honda Motors MD and CEO Pawan Munjal