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<keyword id="19983534" type="General" weightage="100" keywordseo="Hero-MotoCorp" source="keywords" meta.keywordsubtype="org" meta.entityname="Hero MotoCorp" meta.hostid="83" meta.entityid="Hero MotoCorp">Hero MotoCorp</keyword> on Sunday said it has received a <keyword id="19901479" type="General" weightage="20" keywordseo="demand-notice" source="keywords">demand notice</keyword> of over Rs 17 crore from <keyword id="22828708" type="General" weightage="20" keywordseo="Delhi-GST-authorities" source="keywords">Delhi GST authorities</keyword>. The company has received an order for disallowance of <keyword id="19980589" type="General" weightage="20" keywordseo="input-tax-credit" source="keywords">input tax credit</keyword> for FY 2019-20 from the Office of the <keyword id="20263022" type="General" weightage="20" keywordseo="gst-officer" source="keywords">GST Officer</keyword>, <keyword id="22830157" type="General" weightage="20" keywordseo="Government-of-NCT-of-Delhi" source="keywords" meta.keywordsubtype="org" meta.entityname="Government of NCT of Delhi" meta.hostid="83" meta.entityid="Government of NCT of Delhi">Government of NCT of Delhi</keyword>, the two-wheeler major said in a <keyword id="19954258" type="General" weightage="20" keywordseo="regulatory-filing" source="keywords">regulatory filing</keyword>. The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice. Based on the company's assessment, the tax demand is not maintainable in law, it added. The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier's non-compliance, which is not attributable to the company, <keyword id="7029" type="General" weightage="20" keywordseo="Hero" source="Orion">Hero</keyword> MotoCorp said. Accordingly, the company shall take appropriate steps, including filing an appeal, it added. There is no material impact on financials, operations or other activities of the company, Hero MotoCorp said.

Hero MotoCorp gets over Rs 17 crore tax notice from Delhi GST authorities

<keyword id="19983534" type="General" weightage="20" keywordseo="Hero-MotoCorp" source="keywords" meta.keywordsubtype="org" meta.entityname="Hero MotoCorp" meta.hostid="261" meta.entityid="Hero MotoCorp">Hero MotoCorp</keyword>, one of the leading <keyword id="22160307" type="General" weightage="20" keywordseo="two-wheeler-manufacturers" source="keywords">two-wheeler manufacturers</keyword> in the country, has announced a price increase for its <keyword id="20067449" type="General" weightage="20" keywordseo="motorcycles" source="keywords">motorcycles</keyword> and <keyword id="22160306" type="General" weightage="20" keywordseo="scooters" source="keywords">scooters</keyword> starting from July 1, 2024. This information was conveyed by the company in a filing to the exchange on Monday. "Hero <keyword id="20291118" type="General" weightage="20" keywordseo="motocorp" source="keywords">MotoCorp</keyword> will make an upward revision in the ex-showroom prices of select motorcycles and scooters, with effect from July 1, 2024," said the company. The price increase will be up to Rs 1,500 on various models, although the exact amount will differ depending on the specific model and market. "The price revision will be up to Rs. 1,500 and the exact quantum of increase will vary by specific model and market," the company clarified. This means that while some models might see a smaller increase, others could reach the maximum threshold of Rs 1,500. The company has attributed this price adjustment to the rising input costs associated with manufacturing. The company stated that the increase was necessary to mitigate some of these higher costs. "The revision has been necessitated to partially offset the impact of higher input costs," the company stated. The two-wheeler sales in India experienced a marginal decline in May as compared to the same period in the previous year. The major two-wheeler manufacturers of the country reported a decrease in sales numbers, reflecting a broader trend in the industry. In May 2024 Hero MotoCorp, sold 498,123 units, marking a decrease from the 519,474 units sold in May 2023. This decline was observed in both the scooter and motorcycle segments. Specifically, Hero MotoCorp's scooter sales fell to 26,937 units in May 2024, down from 30,138 units in May 2023. Motorcycle sales also saw a decline, with 471,186 units sold in May 2024 compared to 489,336 units in May 2023. However, the company registered growth in export sales. Hero Moto Corp exports were up from 11,165 units in May 2023 to 18,673 units in May 2024. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/akme-fintrade-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/111218502.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/akme-fintrade-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/111218502.cms" target="_blank">Akme Fintrade IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6-vs-xiaomi-14-civi-which-smartphone-should-you-buy-under-50000/slidelist/111157835.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6-vs-xiaomi-14-civi-which-smartphone-should-you-buy-under-50000/slidelist/111157835.cms" target="_blank">Realme GT 6 vs Xiaomi 14 CIVI – Which smartphone should you buy under ₹50,000?</a><a href="https://www.businessinsider.in/stock-market/webstories/stanley-lifestyles-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/111134786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/stanley-lifestyles-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/111134786.cms" target="_blank">Stanley Lifestyles IPO – Price band to risk factors, all you need to know</a>

Hero MotoCorp announces price hike for motorcycles and scooters from July 1

<keyword id="19948209" type="General" weightage="20" keywordseo="two-wheeler" source="keywords">Two-wheeler</keyword> maker <keyword id="19983534" type="General" weightage="20" keywordseo="Hero-MotoCorp" source="keywords">Hero MotoCorp</keyword> Ltd on Wednesday reported a 16.3 per cent rise in consolidated <keyword id="19933742" type="General" weightage="20" keywordseo="profit" source="keywords">profit</keyword> after tax to Rs 943.46 crore in the fourth quarter ended on March 31, 2024, riding on higher sales. The company had posted a consolidated profit after tax of Rs 810.8 crore in the same period a year ago, Hero MotoCorp said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 9,616.68 crore as against Rs 8,434.28 crore in the corresponding period a year ago, it added. Hero MotoCorp said it sold 13.92 lakh units of motorcycles and scooters in <keyword id="20028449" type="General" weightage="20" keywordseo="Q4" source="keywords">Q4</keyword> FY24 as against 12.70 lakh units in Q4 FY23. Total expenses were higher at Rs 8,427.36 crore in the fourth quarter as compared to Rs 7,508.94 crore in the same period a year ago. For the fiscal ended March 31, 2024, consolidated profit after tax was at Rs 3,742.16 crore as compared to Rs 2,799.9 crore in the previous fiscal. Consolidated revenue from operations for FY24 stood at Rs 37,788.62 crore as compared to Rs 34,158.38 crore in FY23, it added. Hero MotoCorp said it sold 56.21 lakh units of motorcycles and scooters in FY24 as compared to 53.29 lakh units in FY23. "During the year, our focus on product launches, network upgrades and customer satisfaction drove us to new heights. From the highest number of product launches to the expansion of new format retail outlets and upgrade at super speed, to a digital-first approach in premium, we set the building blocks in place for accelerated growth in future," Hero MotoCorp Chief Executive Officer Niranjan Gupta said. On the outlook, he said, "Moving forward, we expect the macroeconomic factors to aid the industry's growth. With commodity prices remaining stable, expectations of normal monsoons, and government spending expected to increase, we see multiple tailwinds for the sector over the upcoming quarters." Gupta further said the company will be driving market share gains on the back of launches in the premium and 125 cc segment done in FY 24. The company's board has recommended a final dividend of Rs 40 per share on the face value of Rs 2 per equity share subject to approval of the shareholders at the ensuing annual general meeting, the filing added. "This dividend together with an interim and special dividend, marking the centennial year of Chairman Emeritus Dr Brijmohan Lall Munjal of Rs.100 per equity share, takes the aggregate total dividend for the year 2023-24 to Rs 140 per equity share," the company said. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-has-silently-launched-the-pixel-8a-in-india-starting-at-52999/articleshow/109937286.cms" target="_blank">Google has quietly launched the Pixel 8a in India starting at ₹52,999</a><a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/google-wallet-launched-in-india-store-your-loyalty-cards-boarding-passes-and-more/articleshow/109941139.cms" target="_blank">Google Wallet launched in India – store your loyalty cards, boarding passes and more</a><a href="https://www.businessinsider.in/stock-market/webstories/tbo-tek-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109946929.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/tbo-tek-ipo-company-details-to-risk-factors-all-you-need-to-know/slidelist/109946929.cms" target="_blank">TBO Tek IPO – Company details to risk factors, all you need to know</a>

Hero MotoCorp Q4 PAT up 16.7% at ₹943.46 crore

New Delhi, <keyword id="6357252" type="General" weightage="20" keywordseo="Hero-MotoCorp" source="Orion">Hero MotoCorp</keyword> on Thursday said it recorded highest-ever sales in a festive season by retailing more than 14 lakh two-wheeler units in the 32-day period this year. The country's largest two-wheeler maker achieved the sales mark between the first day of the Navratras and Bhai Dooj on November 15. Riding on robust demand across rural markets as well as steady retail off-take in key urban centres, the company registered a 19 per cent growth over the previous year, and surpassed its previous highest retail of 12.7 lakh units which was recorded in the festive period of 2019, Hero MotoCorp said in a statement. "Our strong portfolio of brands, scale of distribution and new launches done this year have helped in driving this growth across geographies," Hero MotoCorp CEO Niranjan Gupta said. The festive season is a clear testimony that rural is coming back to growth, which augurs well for the country in general and the two-wheeler industry in particular, he added. Hero MotoCorp Chief Business Officer (India Business Unit) Ranjivjit Singh said the record retail number was achieved due to the strong customer traction across markets, with good double-digit growth in the Central, North, South and East zones. The robust customer demand in the rural markets, in addition to the very positive sentiments in key urban centres, drove this record retail sales, he added. "With this robust retail sales, our post-festive channel inventory has now come down to its lowest level in more than three years. This has set us on a steady growth path for the rest of the fiscal year," Singh noted.

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Hero MotoCorp gets over Rs 17 crore tax notice from Delhi GST authorities

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Hero MotoCorp announces price hike for motorcycles and scooters from July 1

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Hero MotoCorp Q4 PAT up 16.7% at ₹943.46 crore

PTI

Hero MotoCorp logs highest-ever retail sales of over 14 lakh units in festive season

PTI

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