Hero MotoCorp reports revenue of ₹8,767 crore in Q1, reports profit of 51%

Hero MotoCorp on Thursday announced its Q1 FY’24 results. The manufacturer sold 13.53 lakh units of motorcycles and scooters sold during the period. The total income reported by Hero MotoCorp stands at Rs. 8,989 Crore, a growth of 6 per cent over the corresponding quarter in the previous quarter. The EBITDA for Q1 FY’24 stands at Rs. 1,206 Crore which is a growth of 28 per cent.

The company's Revenue from Operations for the quarter increased from ₹8,393 Crore to Rs. 8,767 Crore and total income increased from ₹8,446 Crore to ₹8,989 Crore. Consolidated Revenue from operations stood at ₹8,851 Crore, a growth of 5 per cent over the previous year and PAT at Rs. 701 Crore, a growth of 20 per cent over the previous year.

Hero MotoCorp launched several motorcycles recently. They launched the Xtreme 160R 4 Valve, OBD2 and E20 compliant versions of the XPulse 200 4-Valve which is becoming more and more popular slowly, introducing a new range of HF Deluxe and new Passion+.

However, the biggest one would be the Harley-Davidson X440. The brand has received more than 25,000 bookings for the motorcycle. The motorcycle also received a price hike, it now starts at ₹2,39,500 ex-showroom, Delhi. As of now, the manufacturer has closed the bookings for the X440. Hero MotoCorp will start production of the Harley-Davidson X440 in September 2023 and commence customer deliveries from October onwards.

Watch: Hero Xoom 110 scooter launched in India: First Look

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.

He added, “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"

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