Hero MotoCorp reported a 12.1% increase in net profit for the third quarter of FY24, reaching ₹1,202.8 crore, which was higher than expected. Analysts had predicted a net profit of ₹1,110 crore.
Revenue from operations rose by 5% to ₹10,210.8 crore, slightly surpassing the expected ₹10,135 crore. The company also showed strong operating performance, with EBITDA up by 8.4% to ₹1,476.5 crore, beating the estimated ₹1,434 crore.
Vivek Anand, Hero MotoCorp’s CFO, stated that the company’s strong performance this quarter reflects the successful execution of their strategic plans, achieving the highest-ever nine-month revenue and profits. The EBITDA margin improved to 14.5%, exceeding the expected 14.1%.
The board also declared an interim dividend of ₹100 per share.
Looking ahead, the company believes that its products launched at Bharat Mobility will boost its position in the premium and scooter segments. The Union Budget 2025’s focus on tax relief for the middle class, investment in infrastructure, and support for agriculture is expected to increase consumer confidence and drive demand growth in the auto sector.
Despite the positive results, Hero MotoCorp’s shares fell nearly 1% to ₹4,235 on the BSE on Tuesday, reflecting cautious investor sentiment ahead of the earnings report.
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