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Two-wheeler maker, Hero MotoCorp on Tuesday reported a 2.41 per cent rise in consolidated net profit at ₹721.24 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit of ₹704.24 crore in the same quarter last fiscal, Hero MotoCorp said in a regulatory filing. Consolidated revenue from operations stood at ₹8,118.33 crore as against ₹8,013.08 crore in the year-ago period.
During the quarter, the company said it sold 12.40 lakh units of motorcycles and scooters. Total expenses were at ₹7,372.76 crore, higher from ₹7,217.07 crore in the corresponding quarter last fiscal, the company said.
The company said its board has approved an interim dividend of ₹65 per equity share. "We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over the next few quarters, especially in the premium segment. This, coupled with our renewed focus on savings programme, should also help in improving our margin profile going forward," Hero MotoCorp Chief Financial Officer Niranjan Gupta said.
The company plans to roll out its newly launched electric vehicle Vida across multiple cities in FY24, he added. "Our R&D teams are working on accelerated portfolio expansion as well, in the EV space," Gupta said.
On the outlook, he said, "The recently presented Union budget, with its focus on increasing capex investment on one hand and disposable income on the other, augurs well for the growth of the economy as well as the auto sector. We expect the two-wheeler industry to clock double digit revenue growth in FY24."