Hero MotoCorp shares jumped over 3 per cent after country's largest two-wheeler maker beat estimates and posted an increase of 18.13 per cent in its net profit at Rs 883.10 crore as compared to Rs 747.54 crore for the same quarter in the previous year.
Hero MotoCorp shares jumped over 3 per cent after country’s largest two-wheeler maker beat estimates and posted an increase of 18.13 per cent in its net profit at Rs 883.10 crore as compared to Rs 747.54 crore for the same quarter in the previous year. The company’s net sales stood at Rs 79,01.3 crore, up 15.5 per cent year-on-year during the period under review as compared 7,335.84 crore in the corresponding quarter of the previous fiscal.
According to Emkay Research, “Hero Motocorp reported a 70 bps QoQ margin expansion as against our estimates of 50 bps expansion and consensus expecting flattish margins QoQ.”
Brokerage House KRChoksey – Institutional Research said,” Hero Motorcorp delivered strong set of results and exceeded our expectations. We believe pick-up in monsoon, implementation of OROP, lower commodity prices and revival in rural demand have boosted Hero’s numbers.”
At 3.10 pm, share price of the company was trading 0.78 per cent up at Rs 3460.95. The scrip opened at Rs 3525.00 and has touched a high and low of Rs 3553.55 and Rs 3410.00 respectively in trade so far. Later, stocks of the company closed 0.66 per cent up at Rs 3456.80.
The company’s total income increased by 7.84 per cent to Rs 8131.04 crore for the quarter under review from Rs 7539.86 crore for the corresponding quarter of the previous year.
The BSE group ‘A’ stock of face value Rs 2 has touched a 52-week-high of Rs 3553.55 on Aug 8, 2016 and a 52-week-low of Rs 2259.10 on September 7, 2015.
The promoters holding in the company stood at 34.64 per cent, while Institutions and Non-Institutions held 56.34 per cent and 9.02 per cent respectively.