Hero MotoCorp shares slip despite automaker reporting inline Q2 numbers; Niranjan Gupta replaces Pawan Munjal as CEO
Hero MotoCorp Share Price: Despite India's largest two-wheeler reporting inline second-quarter numbers on Wednesday, its shares were trading lower in the morning trading session on BSE on Thursday (November 2).
The stock that closed at Rs 3,092.20 on Wednesday evening started its journey on Thursday evening at Rs 3,149.95 before slipping 0.23 per cent, or Rs 7.20, to Rs 3,085.00, at 9:48 am.
Hero MotoCorp Q2 results
The company's profit after tax jumped 47 per cent to 716 crore Year-on-Year (YoY), while its EBIDTA rose by 28 per cent to Rs. 1,038 crore YoY.
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Hero MotoCorp's sales volumes of 14.16 lakh units was down 1 per cent YoY, while it was higher by 5 per cent quarter on quarter.
The company's September quarter sales of Rs. 9,454 cr was 4 per cent higher than its sales of Rs. 9,075 crore in the corresponding period last fiscal.
The automaker reported a higher EBITDA margin of 14.1 for the second quarter against 11.4 per cent in Q2 FY23.
Its Q2 FY24 EBITDA of Rs. 1,328 crore was 28 per cent higher than Rs. 1,038 crore YoY.
Niranjan Gupta, CEO, Hero MotoCorp, said, “Supported by its relatively stronger macro‐economic fundamentals, India has continued to outperform most of the large global economies. A healthy festive demand across most categories and specifically in the auto sector has demonstrated the underlying propensity of the robustness of the market. The consumer confidence is coming back, which augurs well for the growth momentum moving forward."
Pawan Munjal steps down as CEO
Hero MotoCorp board of directors also approved the removal of Pawan Munjal as the CEO of the company. Munjal has volunteered to reduce his fixed salary by 20 per cent.