Industry

Hero Q2 profit climbs 9% to ₹963.82 crore

Hero MotoCorp on Wednesday reported a 9% increase in consolidated net profit to ₹963.82 crore for the quarter ended September 30.

The company had registered a net profit of ₹883.78 crore in the July-September 2019 quarter. The consolidated revenuefrom operations rose nearly 24% to ₹9,473.32 crore compared with ₹7,660.60 crore in the year-ago period.

“The earnings in the second quarter of FY21 reflects a strong performance, signalling a gradual revival from the negative impact of the global pandemic,” Niranjan Gupta, chief financial officer (CFO), Hero MotoCorp, said.

The recovery in demand to pre-Covid levels, credible resumption of supply chain and logistics, cost & cash management, along with judicious price increase, has helped deliver profitability,” Mr. Gupta said.

He added that the challenging economic environment is headed for a recovery on the back of various initiatives by the government, especially those directed towards rural and semi-urban regions of the country.

“Based on early estimates, we expect the momentum to continue into the festive season which has started well for us. To further drive the festive cheer, we have launched four new variants across motorcycle and scooter segments. We have registered significant gains in market share in Q2 across products and geographies and expect to maintain the lead through our well-positioned product portfolio,” he added.

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Printable version | Nov 26, 2020 9:52:33 PM | https://www.thehindu.com/business/Industry/hero-q2-profit-climbs-9-to-96382-crore/article32966437.ece

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