Hero MotoCorp Shares Surge 3% on Q4 Earnings

New Delhi, May 8 (PTI) Shares of Hero MotoCorp Ltd on Wednesday climbed over 3 per cent after the company reported a 16.36 per cent rise in consolidated profit after tax in the March 2024 quarter.

The stock advanced 3.26 per cent to settle at Rs 4,624.35 apiece on the BSE. During the day, it rallied 4 per cent to Rs 4,661.25.

On the NSE, it climbed 2.48 per cent to Rs 4,588 per share.

The company's market capitalisation (mcap) went up by Rs 2,922.86 crore to Rs 92,450.81 crore.

Two-wheeler maker Hero MotoCorp Ltd on Wednesday reported a 16.36 per cent rise in consolidated profit after tax to Rs 943.46 crore in the fourth quarter ended on March 31, 2024, riding on higher sales.

The company had posted a consolidated profit after tax of Rs 810.8 crore in the same period a year ago, Hero MotoCorp said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 9,616.68 crore as against Rs 8,434.28 crore a year ago, it added.

Hero MotoCorp said it sold 13.92 lakh units of motorcycles and scooters in Q4 FY24 as against 12.70 lakh units in Q4 FY23.

Total expenses were higher at Rs 8,427.36 crore in the fourth quarter as compared to Rs 7,508.94 crore in the same period a year ago.

For the fiscal ended March 31, 2024, consolidated profit after tax was Rs 3,742.16 crore as compared to Rs 2,799.9 crore in the previous fiscal.

Consolidated revenue from operations for FY24 stood at Rs 37,788.62 crore as compared to Rs 34,158.38 crore in FY23, it added.