Hero MotoCorp Q3FY18 profit rises 4% yoy; declares interim dividend
The companys net profit matched analyst estimates on strong quarterly sales and volume growth.
Two-wheeler manufacturer Hero MotoCorp witnessed over 4% year-on-year (YoY) rise in it's profit after tax (PAT) during the third quarter ending December 2017 (Q3FY18) period.
The company's PAT was at Rs 805.43 crore during the December quarter of FY18 compared to Rs 772.05 crore in the corresponding period of the previous year.
Revenue grew 5.90% to Rs 7,305.49 crore from Rs 6,898.64 crore in Q3FY17. However, tumbled 12.63% from Rs 8,361.99 crore in Q2FY18.
A Bloomberg poll of analysts predicted Hero MotoCorp's PAT and revenue during Q3FY18 to come in at Rs 820 crore and Rs 7,250 crore, respectively.
EBITDA (operating profit) of the company was at Rs 1,158 crore, an increase of 16.9% on yearly basis. While EBITDA margin stood at 15.9% during the period.
For nine months period of FY18 (9MFY18), Hero Motocorp's PAT amounted to Rs 2,729.96 crore, sequentially rising 2.65% YoY whereas revenue stood at Rs 24,280.39 crore on yearly basis.
Pawan Munjal, Chairman, MD & CEO of Hero Motocorp said, "The third quarter of this financial year (FY18) was yet another significant period for us as we surpassed all the milestone that we set for ourselves. Most importantly, our strategic initiatives in the scooter segment including the on-ground activation programmes yielded the desired results by driving sales volumes, and enabled us to grow ahead of industry during the third quarter."
Munjal added, "It is important to mention that we significantly grew on all key performance parameters including revenue, PAT and EBITDA during the quarter, bucking the severe headwinds on the commodities front."
The company in Q3FY18, sold a total of 1,709,107 vehicles, higher by 15.98% from 1,473,548 units in Q3FY17, but lower by 15.51% from 2,022,805 units in Q2FY18.
Overal in FY18 (9MFY18), the company sold 5,585,559 vehicles up by 10.77% versus 5,042,435 units in similar period of previous year.
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