Hero MotoCorp Q3 Result: Net profit rises 2.41% to Rs 721.24 crore for December quarter

Hero MotoCorp Q3 Result: India's leading two-wheeler manufacturer Hero MotoCorp on Tuesday reported a 2.41% rise in consolidated net profit of Rs 721.24 crore for the quarter ended December.  During the quarter, the company said it sold 12.40 lakh units of motorcycles and scooters.

In a regulatory filing, the company said that it had posted a consolidated net profit of Rs 704.24 crore in the same quarter last fiscal.

Total expenses stood at Rs 7,372.76 crore, around Rs 155 crore higher from Rs 7,217.07 crore reported in the corresponding quarter last fiscal, the company said.

Consolidated revenue from operations stood at Rs 8,118.33 crore as against Rs 8,013.08 crore in the year-ago period.

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Hero MotoCorp Chief Financial Officer Niranjan Gupta said, "We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over the next few quarters, especially in the premium segment. This, coupled with our renewed focus on savings programme, should also help in improving our margin profile going forward."

On the outlook, he said, "The recently presented Union budget, with its focus on increasing capex investment on one hand and disposable income on the other, augurs well for the growth of the economy as well as the auto sector. We expect the two-wheeler industry to clock double digit revenue growth in FY24."

The company said in the filing that its board has approved an interim dividend of Rs 65 per share for the current financial year

"Interim dividend @ 3,250% i.e. Rs. 65 per equity share (face value of Rs. 2 per equity share) for the financial year 2022-23. Accordingly, the Board has fixed February 17, 2023 as record date for determining entitlement of members for the purpose of payment of interim dividend. The payment of interim dividend/ dispatch of dividend warrants will be completed by March 9, 2023," the official notification said.

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