Hero MotoCorp on Thursday reported 14.47 per cent year-on-year (YoY) rise in standalone net profit at Rs 880.41 crore for the quarter ended December 31.
The two-wheeler major had posted a profit of Rs 769.10 crore in the same period last year.Analysts in an ET NOW poll had projected the number at Rs 700 crore.Total income, however, declined by 10.84 per cent to Rs 7178.94 crore.
The company sold 15,40,876 vehicles during the quarter against 17,98,905 in the corresponding quarter last year.The company announced a dividend of Rs 65 per share on face value of Rs 2 each.Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said, The two-wheeler industry continues to face challenges amid an overall economic slowdown.
Early indicators, such as a positive Rabi crop, augur well for the rural economy, which in turn is likely to help the industry.He added that the slew of measures announced by the finance minister as part of Budget would also go a long way in reviving the economy.
However, it will take some time for the two-wheeler industry to see a sustained recovery.
Hero MotoCorp expects to see a positive turnaround in the second half of next financial year.During the third quarter, Hero MotoCorp launched Indias first BS-VI motorcycle, the Splendor iSmart and then followed it with the first BS-VI motorcycle in the entry segment - HF-Deluxe.The company is geared-up to transition its entire product range to the new emission norms well before the regulatory deadline and plans to stop all BS IV production by mid-February, Hero MotoCorp said in a release.