Hero MotoCorp Q2 PAT Up 6% to Rs 1,066 Cr - Higher Sales Drive Growth

New Delhi, Nov 14 (PTI) Two-wheeler major Hero MotoCorp on Thursday said its consolidated profit after tax increased 6 per cent year on year to Rs 1,066 crore for the quarter ended on September 30, 2024, driven by higher sales.

The country's largest two-wheeler maker had reported a profit after tax (PAT) of Rs 1,007 crore in the July-September quarter of last fiscal.

Revenue from operations rose to Rs 10,483 crore for the September quarter as against Rs 9,533 crore in the year-ago period, Hero MotoCorp said in a regulatory filing.

The company sold 15.2 lakh units of motorcycles and scooters in July-September this fiscal compared with 14.16 lakh units in the same period last fiscal.

"Our strong focus on cash management has resulted in us delivering strong cash flow, strengthening our financial position even further," Hero MotoCorp CEO Niranjan Gupta said.

While the company's existing line up of strong brands continues to deliver in the entry and deluxe segment, its journey to build a powerful portfolio in the premium segment is progressing with pace, he added.

"As unveiled in EICMA, we will see 3 more models in this segment in the next 6 months - Xpulse 210, Xtreme 250R and Karizma XMR 250. Apart from portfolio, we will continue to expand Premia stores targeting to cross 100 by the end of the current fiscal year," Gupta said.

The company's strong financials will allow it to now aggressively invest in brand building, he noted.

"We are also planning a slew of launches in scooter segment, covering both ICE and EV. We will have three models coming in ICE scooters by March 2025," Gupta said.

Besides, the company's VIDA market shares continue to move up, and Hero will be expanding the portfolio to cover all price segments soon, he stated.

Gupta noted that the recently concluded festive season saw the company clocking its highest ever retails at 16 lakhs units, backed by higher demand from rural sector.

"We believe that the strong monsoon will help the momentum in the Industry going forward. The fundamentals look good for the Indian economy in general and two-wheeler industry in particular," he added.

Shares of the company on Thursday ended 1.84 per cent up at Rs 4,604.30 apiece on the BSE.