Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, today reported its financial performance for the first quarter (April-June 2023) of the FY’ 2024.
The company’s Revenue from Operations for the quarter stood at Rs. 8,767 Crore, (vs Rs. 8,393 Crore) and Total Income of Rs 8,989 Crore (vs Rs 8,446 Crore)
Driven by softening of commodity costs, accelerated savings programs, and judicious price increases, 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.
Profit Before Tax and exceptional item for the quarter was at Rs. 1,255 Crore, reflecting a growth of 52% over Rs. 824 Crore reported in the previous quarter. PBT after exceptional item of VRS charge of Rs 160 cr stands at Rs 1,095 Crore.
Profit After Tax before exceptional item stands at Rs. 945 Crore, a growth of 51% over previous year. PAT after the exceptional item of VRS , stands at Rs 825 crore.
Consolidated Revenue from operations stood at Rs.8,851 Crore, a growth of 5% over previous year and PAT at Rs. 701 Crore, a growth of 20% over previous year.
Hero MotoCorp expects the momentum to build-up in the coming quarters on account of favorable economic indicators and positive consumer sentiments. With a slew of new launches lined up during this year, Hero MotoCorp is also accelerating its presence in the premium space.
Mr. Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said “Our underlying margins in ICE business has returned to pre‐covid levels, providing us the necessary fuel for growth as we move forward. The singular focus as we move ahead will be growth and market share. We have begun strengthening our presence in premium segment and pre‐booking number for Harley Davidson X440 is a good start. We will see more launches of new models in this segment over next few quarters, as we intend to win big in premium segment. Our EV presence is getting scaled up and we are on track to cover 100 cities by December this year.
“The key economic indicators are trending in positive direction, and a normal monsoon augurs well for demand, as we will soon enter the festive season. Reduced inflationary pressures moving forward, should result in more spending power in hands of consumers. Overall, we see a positive scenario on demand side, especially for second half of this year and onwards”
Highlights | April – June 2023
Product Launches
Augmented its presence in the premium motorcycle segment by unveiling the new Xtreme 160R 4 Valve
Launched the OBD-II and E20 compliant adventure motorcycle
– XPulse 200 4-Valve
Introduced a new range of its highly popular 100cc motorcycle
– the HF Deluxe including the Canvas Black Edition
Launched the new Passion+ with a fresh touch to its youthful design while enhancing the utility and comfort factor for riders
Sustainable Mobility
Announced plans to increase the presence of its Electric Vehicle (EV) VIDA V1 to 100 cities within the calendar year 2023
Created a new Guinness World Record with VIDA V1 scooter which ran for 24 hours non-stop and broke the existing world record for maximum distance achieved by nearly 350 kms
VIDA became the electric-mobility partner of Lucknow Super Giants (LSG) for the 2023 season of the Indian Premier League (IPL)
