Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters has announced its financial performance for the Q2 FY2024. The company reported revenue of Rs 9,445 crore, up 4.1%, EBITDA of Rs 1,328 crore, up 28% and net profit of Rs 1,054 crore, up 47% YoY.
Niranjan Gupta, CEO, Hero MotoCorp said “Supported by its relatively stronger macro‐economic fundamentals, India has continued to outperform most of the large global economies. A healthy festive demand across most categories and specifically in the auto sector has demonstrated the underlying propensity of the robustness of the market. The consumer confidence is coming back, which augurs well for the growth momentum moving forward.”
He said that the financial performance for the company in Q2 and H1 FY2024 was a reflection of the continued financial discipline and prudent capital allocation even as it focusses on premiumisation of the product portfolio.
“The premium range of products which have been launched across all key models have been received by the customers very well. Our strong margin shape will help us even more in deploying necessary fuel behind growth priorities. The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over next few quarters will be important. However, the medium-term outlook for India in general and auto industry in particular appears quite encouraging,” added Gupta.
During the quarter Hero MotoCorp sold 14.16 lakh two-wheelers.
