Mumbai, Sept 17: The Rs 2000-crore Hero group chairman Brij Mohan Lall Munjal has been awarded the Business Barons' 2nd Business Leader of the Year Award for 1998. The award, instituted in 1997 by the magazine Business Barons' to commomerate its first anniversary, honours entrepreneurs for vision, innovation and ethical business conduct.The recipient of the first award was Infosys Tecnologies Ltd chairman Narayan Murthy.
The Hero group's noteworthy performance in the financial year 1998 and its consistent showing during the past few years helped Munjal in winning the award. The group has steadily increased its market share over the past few years against competition from established players like Bajaj Auto and TVS Suzuki.
The group commands a 37 per cent market share of the country's motorcycle segment. Hero Motors Ltd, the group's flagship company, posted a 51.5 per cent growth in profit after tax from Rs 50.36 crore in 1996-97 to rs 76.60 crore in 1997-98. The company's earnings per share (EPS) alsorose 52 per cent to rs 38.36. The company issued bonus shares in the ratio of 1:1.
The group's turnover per employee stands at Rs 16.40 lakh. Among the first to introduce the concept of just-in-time inventory, the group's joint venture partner, Honda Motors of Japan, found Hero Motors to possess one of the higher labor productivity rates in the world. It also has a low employee turnover.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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