Furthermore, Hero MotoCorp revealed that net profit rose 1.8 per cent and revenue increased by 3 per cent. Higher volumes backed strong year-on-year growth in revenue as the two-wheeler giant sold 14.6 lakh vehicles in the third quarter, a hike of 18 per cent over the same period last year. That said, volumes grew only 3 per cent sequentially, which restrained sequential growth in revenue.
Also Read : Splendor & HF Deluxe help Hero register 22% growth in January
EBITDA rose by 48 per cent YoY to ₹1,363 crore and margins expanded 251 basis points to 14.01 per cent during the last quarter by 250 bps over the corresponding quarter previous year, “aided by commodity cost, leap savings, premiumisation, and judicious price changes, the company said in a statement.
Niranjan Gupta, Chief Executive Officer – Hero MotoCorp, said, “The government’s emphasis on infrastructure development while ensuring fiscal prudence in its recent interim budget, has created a conducive business and economic environment, which would facilitate higher growth and job creation. Our recent launches in the premium segment have met with early success, and we are ramping up the capacity of our upper premium models. At the Hero World event in the month of January, we unveiled 2 more premium motorcycles‐ the Xtreme 125 R, and Mavrick 440.”
“We will keep fortifying our premium portfolio backed by strong brand building and best-in-class ‘phygital’ customer experience. Moving forward, our Margin shape will allow us to fuel our growth even more. We have now expanded our EV presence to 100 cities in the country and we are rapidly building the charging infrastructure in collaboration with Ather. In the coming fiscal, we will be launching new products in the mid and affordable segments as well. We believe we are well placed to accelerate growth and increase our market shares as we move forward,” he added further.
Also Read : Hero Xtreme 125R first ride review: Set to Raid the segment?.)
Hero MotoCorp further revealed that its focus on parts accessories and merchandise business led to an annualised revenue of ₹5,000 crore. The company plans to expand its capacity for the parts accessories segment with an outlay of ₹6,000 crore.
First Published Date: 10 Feb 2024, 11:47 AM IST
