Two-wheeler major Hero MotoCorp saw a 10 percent drop in its Q2FY2023 profit to to Rs 716 crore from Rs 794 crore rupees a year earlier. Sequentially however, the profit after tax grew over 14 percent from Rs 625 crore in Q1FY2023.
Revenue from operations in Q2 came in at Rs 9,075 crore up 7.4 percent from over Rs 8400 crore in Q2FY2022.
The two-wheeler major sold 14.28 lakh units of motorcycles and scooters sold in Q2 FY2023.
Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said “The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over next few quarters will be important. However, as the commodities cool off, and the rate cycle reachesits peak, the medium term outlook for the Indian auto industry appears quite encouraging.”
Gupta added that the results reflected the company’s “focus on cost savings and capital allocation while ensuring premiumisation of our portfolio. The X tec Variants which have been launched across all key models have been received by the customers very well. We will continue to build presence in premium segment through multiple launches over next few quarters.”
VIDA V1 – Powered by Hero – the fully-integrated electric vehicle (EV) made its debut recently. The VIDA V1 is Hero Motocorp’s first EV offering. It will leverage the two-wheeler major’s ecosystem and deliveries are likely to kickstart later this year.
In terms of H1 performance, Hero MotoCorp clocked profit after tax of Rs 1,341 crore. Revenue from operations in H1FY2023 came in at Rs17,468 crore, up 25.3% over the corresponding H1 in the previous fiscal. Some of the key launches in H1 include the Splendor+ XTEC, new Passion ‘XTec’ , exclusive Rally Edition of Xpulse 200 4V and the new Xtreme 160R Stealth 2.0 edition.