2/3 Wheelers company Hero MotoCorp announced Q1FY24 results:
• Revenue from Operations for Q1FY24 stood at Rs 8,767 crore, (vs Rs 8,393 crore) and Total Income of Rs 8,989 crore (vs Rs 8,446 crore).
• EBITDA margin for Q1FY24 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 Q1FY24 was at Rs 1,255 crore, reflecting a growth of 52% over Rs 824 crore reported in Q1FY23.
• Profit After Tax before exceptional item stands at Rs 945 crore, a growth of 51% over Q1FY23. 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 Q1FY23, and PAT at Rs 701 crore, a growth of 20% over Q1FY23.
• Volume of 13.53 lakh units of motorcycles and scooters sold in Q1FY24.
Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said, “Our underlying margins in ICE business have returned to pre-covid levels, providing us with 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 the 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 the next few quarters, as we intend to win big in the 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 a 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 the hands of consumers. Overall, we see a positive scenario on the demand side, especially for the second half of this year and onwards”
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