Hero MotoCorp’s Q2 Profit Jumps 58%

Hero MotoCorp surpassed street expectations as its profit jumped 58% for the July-September quarter. Riding on higher volumes and stable rupee, it made a profit of Rs 763 crore. Analysts had estimated its profit to be around Rs 700 crore.

Hero’s net sales in the quarter increased by 20% to Rs 6,863.50 crore. EBITDA for the quarter was 13.52%.

Pawan Munjal, vice-chairman, MD and CEO at Hero MotoCorp said, “With the new stable government at the Centre, the sentiment in the entire country has turned positive. The Rupee depreciation, which had adversely impacted several sectors, and pulled up the costs of essential commodities, has also more or less stabilized. We will continue to be innovative in tackling any extraneous pressures to protect our margins.”

He added, “We are laying the roadmap for the future at Hero with a strong focus on technology and innovation. While our multi-location technology eco-system is working on the new product line, our customers have given a resounding affirmation to the innovation and technology-improvements on the existing platforms. These numbers bode well for the festive season and we are looking at leveraging this momentum to ensure record retail sales in the month of October.”