The largest two-wheeler maker in the country, Hero MotoCorp posted their quarterly financial report for the September-end quarter of the current fiscal year with a 3.38 per cent decline in its standalone profit-after-tax at Rs. 976.28 crores, mainly on account of higher expenses.
The company’s net profit during the corresponding period of the previous fiscal year was reported at Rs. 1,010.49 crores.
Revenue from operations during the July-September quarter of the current fiscal stood at Rs. 9,090.94 crores as against Rs. 8,371.74 crore in the same period previous fiscal. Total expenses for the quarter under review stood at Rs. 7,866.15 crores as against Rs. 7,053.63 crores in the same period a year ago.
Hero MotoCorp said in a filing to BSE that during the quarter, the company sold 21,34,051 units of two-wheelers as against 20,22,805 units in the year-ago period.
Pawan Munjal, Hero MotoCorp Chairman, MD and CEO said, “I am pleased to share that Hero MotoCorp, backed by sustained demand for its popular range of motorcycles and scooters, continued its sales growth in Q2FY’19 compared to the corresponding quarter in the previous fiscal.”
Stating on the company’s re-entry into the premium bike segment with Xtreme 200R, Munjal said, “With the upcoming festive season in India, the Xtreme 200R will help us consolidate our market leadership.”
He also added that while the global economy has been stable and firm in the last quarter, the India story continues to fascinate the world, with an expected growth of more than 7 per cent.