Hero MotoCorp Q1 Results: 32.1% YoY increase in net profit at Rs 824.7 crore

Hero MotoCorp Ltd announced a 32.1% YoY rise in net profit at Rs 824.7 crore for the first quarter that ended June 30, 2023 on Thursday.

Hero MotoCorp reported a net profit of Rs 624.5 crore in the same period last year, according to a regulatory filing.

The total revenue was Rs 8,767.3 crore during the period under review, up 4.5% from Rs 8,392 crore in the previous fiscal period.

EBITDA increased 28.2% to Rs 1,206.3 crore in the first quarter of this fiscal year, up from Rs 940.8 crore in the same time last year.

In the reporting quarter, the EBITDA margin was 13.8%, up from 11.2% in the previous fiscal period.

The overall volume of motorcycles and scooters sold in Q1 of FY24 is 13.53 lakh units, the company mentioned.

Driven by softening of commodity costs, accelerated savings programs, and judicious price increases, the EBITDA margin for the quarter stood at 13.8%, reflecting an improvement of 250 bps. The underlying EBITDA margin for ICE Business stands at 14.5%, excluding the impact of EV business, Hero MotoCorp said.

Profit Before Tax (PBT) and exceptional items was Rs 1,255 crore for the quarter, representing a 52% increase over Rs 824 crore reported in the preceding quarter. PBT is Rs 1,095 crore after an exceptional item of VRS charge of Rs 160 crore.

The results were announced after the market closed.

Source: Media Reports