Hero Motocorp to make upward price revision from this date amid surging commodity rates
Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from January 4, 2022.
Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from January 4, 2022.
The price revision has been necessitated to partially offset the impact of steadily increasing commodity prices, as the two-wheeler maker informed the NSE.
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The price revision will be up to Rs 2,000 and the exact quantum of increase will depend on the model and the market.
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The company reported mute numbers during the second quarter of the financial year 2021-22 (Q2FY22). The top and bottom line declined year-on-year growth prospect, as same as with operating profit and margins during the quarter.
Hero Moto’s profit declined by 16.7 per cent to Rs 794.4 crore in Q2FY22 as compared to Rs 953.3 crore as compared to the same quarter during a year ago period. Similarly, its revenue dipped by 9.8 per cent to Rs 8453.4 crore in Q2 FY22 as against Rs 9367 crore in the corresponding quarter of FY21.
The company’s EBITDA too declined by 17.1 per cent YoY to 1066 crore as compared to 1286.4 crore in the July-September quarter of FY21, and margins slipped to 12.6 per cent from 13.7 per cent YoY.
The company in its results statement said, “14.38 lakh units of motorcycles and scooters sold in Q2 FY22, growing sequentially by 40.4 per cent.”
Hero Moto is committed to bringing sustainable mobility solutions to its customers and accelerating its focus on producing electric vehicles (EVs) as an integral part of its product portfolio, it also said.
03:52 PM IST