Hero MotoCorp Q2 net profit rise to Rs 1004 crore; net sales jumps by 15.8%
The company said that its total income increased from Rs 7457.9 crore in Q2FY16 to Rs 8601.1 crore in Q2FY17.
Two-wheeler manufacturer, Hero MotoCorp (HMCL) on Wednesday announced its financial results for the quarter ended on September 30. The company registered a rise of 27.7% in Standalone net profit at Rs 1004.2 crore during the quarter as against Rs 786.1 crore for the quarter ended on September 30,2015.
In a regulatory filing, the company said that its total income increased from Rs 7457.9 crore in Q2FY16 to Rs 8601.1 crore in Q2FY17. The company saw highest-ever quarterly sales at 18,23,498 units, growth of 15.8% over the corresponding period last year, which was 15,74,861 units.
For the quarter the Earnings Before Interest, Depreciation, Tax & Amortization (EBITDA) stood at Rs 1368.87 crore reflecting 16.20% as against 14.91% during the same period last year.
Commenting on the performance of the company, Pawan Munjal, Chairman, MD & CEO, Hero MotoCorp, said, "The second quarter of this fiscal has been a defining phase in the journey of our young brand. The highest-ever volume sales during the quarter is a reiteration of the overwhelming customer preference of our products, and a testimony to our market leadership."
"The domestic market has seen a revival in the past two quarters due to an above average monsoon and positive consumer sentiment. The trend is expected to continue through the year and likely to result in double-digit growth for the industry. In the global markets, however, the industry continues to face headwinds due to volatile business environment driven by continued weakness in crude prices and sharp depreciation of local currencies".
On Wednesday, the shares of the company closed at Rs 3421.55 per piece, up 1.92%, or Rs 64.30 on BSE.