Hero MotoCorp Q1 Profit After Tax Up 47% At Rs 1,032 Crore

Hero MotoCorp: Hero MotoCorp reported a 47 percent rise in consolidated profit after tax, reaching Rs 1,032 crore for the first quarter ending June 30, 2024, aided by higher sales.

Hero MotoCorp Q1 Profit After Tax: Hero MotoCorp reported a 47 percent rise in consolidated profit after tax, reaching Rs 1,032 crore for the first quarter ending June 30, 2024, aided by higher sales. In the same period last year (April-June 2023), the country’s largest two-wheeler manufacturer posted a profit after tax (PAT) of Rs 701 crore.

According to a regulatory filing, the company’s revenue from operations grew to Rs 10,211 crore, up from Rs 8,851 crore. Hero MotoCorp also announced that it sold 15.35 lakh units of motorcycles and scooters in the April-June quarter this fiscal, compared to 13.53 lakh units in the first quarter of FY24.

Hero MotoCorp said it witnessed positive trends in its domestic, EV, and global businesses during the quarter. The company also noted a steady improvement in retail sales. Looking ahead, It expects the momentum to build up in the following quarters on account of positive customer sentiments, good monsoons and the upcoming festive season.

"We continue to be on the profitable growth journey, crossing Rs 10,000 crore revenue for the first time ever, accompanied by highest ever underlying PAT," Hero MotoCorp CEO Niranjan Gupta said.

Gupta stated that the company is witnessing a sharp recovery in market share in 125 cc segment charged by the new model Xtreme 125 cc, while continuing to maintain formidable market share in entry and deluxe 100/110 cc segment.

"Our focus moving forward will be, building our brands in premium segment on the back of launches done in last few quarters, to win in this segment. We will be launching new models in scooters as well in next two quarters to re-energise this portfolio," he added.