Hero MotoCorp today reported its financial performance for the third quarter (October-December 2022) of FY’ 2023. Revenues for the quarter stood at Rs 8,031 crores, down 11 percent compared to Q2, and the EBITDA margin was 11.5 percent.
The Company reported a Profit before tax (PBT) of Rs 940 crores in Q3 FY’23 (vs Rs 911 Crore in Q3 FY’22), up 3.1 percent and the Profit after tax (PAT) of Rs 711 Crore (vs Rs 686 Crore in Q3 FY’22), up by 3.6 percent.
The nine months’ revenue grew by 17 percent, while PAT registered growth of 11 percent. The consolidated Revenue and PAT for the quarter were Rs 8,118 crores and Rs 721 crores, and for nine months of the year Rs 25,724 crores and Rs 1,989 crores respectively.
During the quarter, Vida, the emerging mobility brand of Hero MotoCorp, commenced customer deliveries of its electric vehicle – the Vida V1 scooter. The Vida V1 which features removable batteries and three-way charging options is available in two variants – Vida V1 Plus at Rs 1.35 lakh and Vida V1 Pro at Rs 1.46 lakh.
Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said “We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over the next few quarters, especially in the premium segment. This, coupled with our renewed focus on the savings programme should also help in improving our margin profile going forward, We are excited about our EV programme, with Vida being established as a premium and aspirational brand.”
He added, “We are planning to roll this out across multiple cities in FY 24. Our R&D teams are working on accelerated portfolio expansion as well, in the EV space. The recently presented Union budget, with its focus on increasing capex investment on one hand and disposable income on the other, augurs well for the growth of the economy as well as the auto sector. We expect the two-wheeler industry to clock double-digit revenue growth in FY’ 24.“
