Hero MotoCorp, the world’s largest two-wheeler manufacturer has announced its financial performance for FY2023 with revenue of Rs 33,806 crore, up 16 percent YoY, EBITDA of Rs 3,986 crore, up 18 percent YoY and net profit of Rs 2,911 crore, which was a growth of 18 percent YoY. The company sold 53.29 lakh motorcycles and scooters compared to 49.44 lakh units a year ago.
For Q4 FY2023, the revenue came at Rs 8,307 crore (+12% YoY), EBITDA at Rs 1,083 crore (+31% YoY) and net profit of Rs 859 crore (+37% YoY). The sales for the period came at 12.7 lakh units versus 11.89 lakh units a year ago.
Niranjan Gupta, CEO, Hero MotoCorp said, “The company has been able to drive margin expansion and profitable growth this quarter through a judicious combination of pricing, savings, and mix. In coming fiscal year, we have lined up slew of product launches in different segments with an aim to strengthen our premium portfolio as well as premiumisation of existing models, which will help us deliver improvement in market share. We are accelerating our EV rollout, with plan to be in 100 cities within this calendar year.”
“Apart from exclusive Vida outlets in certain cities, we will be using our existing distribution system across cities to ensure wider reach. The recent price revision now makes Vida accessible to more customers, and we expect this will increase the EV transition in the scooter category. Economic activity in India continues to build momentum with key indicators moving in a positive direction. We do expect two-wheeler industry revenue growth to be double digit in coming year,” he said.
During the fiscal, Hero MotoCorp partnered with US-based Zero Motorcycles to collaborate on premium electric motorcycles. This collaboration will combine the expertise of Zero in developing power trains and electric motorcycles with our global scale and capabilities in manufacturing, sourcing and marketing to usher in the era of sustainable and clean technology in the mobility space.
