Hero MotoCorp Q3 Profit Surges 50% to Rs 1,093 cr

New Delhi, Feb 9 (PTI) Hero MotoCorp on Friday reported 50 per cent increase in consolidated net profit at Rs 1,093 crore for the third quarter ended December 31, 2023, aided by robust sales across geographies.

The country's largest two-wheeler maker had reported a profit of Rs 726 crore in October-December period a year ago.

Total income rose to Rs 10,031 crore in the period under review from Rs 8,300 crore in the year-ago period, Hero MotoCorp said in a regulatory filing.

It sold 14.6 lakh motorcycles and scooters in the third quarter, an increase of 18 per cent year-on-year.

The company's board declared an interim dividend of Rs 75 per share and a special dividend of Rs 25 per share, taking the overall interim dividend to Rs 100 per share, commemorating the centennial year of Chairman Emeritus Brijmohan Lall Munjal, it added.

Hero MotoCorp also announced plans to expand its Parts Accessories & Merchandise (PAM) business with an investment of Rs 600 crore.

"Our recent launches in the premium segment have met with early success, and we are ramping up capacity of our upper premium models," Hero MotoCorp CEO Niranjan Gupta said.

The company will keep fortifying its premium portfolio backed by strong brand building and best in class 'phygital' customer experience, he added.

"Moving forward, our margin shape will allow us to fuel our growth even more," Gupta said.

He noted that the two-wheeler major has now expanded its EV presence to 100 cities in the country and is also rapidly building the charging infrastructure in collaboration with Ather Energy.

"In the coming fiscal, we will be launching new products in the mid and affordable segment as well. We believe we are well placed to accelerate growth and increase our market shares as we move forward," Gupta stated.

He also noted that 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.

Shares of Hero MotoCorp ended 2.05 per cent up at Rs 4,908.50 apiece on the BSE.