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Hero MotoCorp posts highest-ever quarterly sales


Hero MotoCorp posts highest-ever quarterly sales
Hero MotoCorp, India's largest two-wheeler manufacturer reported a 19% rise in its net profit for the second quarter ended September 30. The company's net profit rose to Rs 603.62 crore.

The company's profit was at Rs 505.60 crore in the corresponding period previous year under the reign of Hero Honda.


The net revenues of the company rose by 28.06% to Rs 5,829 crore against Rs 4,551.95 crore corresponding period previous year.

It's EBITDA margin stood at 15.76% for the quarter.

Hero MotoCorp, previously known as Hero Honda ended its 26-year joint venture with Honda Motor Company in 2010, where Hero Group bought the shares held by Honda. In August 2011, the company was renamed Hero MotoCorp with a unique identity.

After that Hero MotoCorp notched up sales of 5,03,654 units in same month and it registered highest ever monthly sales of 5,49,625 units in the month of September. It's sales during the entire quarter grew by 20% over the corresponding quarter previous year at Rs 15,44,315 units.

The company has a stated aim of achieving revenues of $10 billion and volumes of 10 million two-wheelers by 2016-17.

Commenting on the results, Mr Pawan Munjal, MD and CEO, Hero MotoCorp Ltd, said, “Our solid performance over the past several months amply demonstrates our ability to sustain growth against odds.”

"Our bottom line results reflect our record topline performance over the past six months. This performance has come despite the rising food inflation and fuel costs," he added.

Story first published: Wednesday, October 19, 2011, 10:54 [IST]
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