New Delhi: Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has reported a profit before tax (PBT) of INR 940 crore in Q3 FY23 (vs INR 911crore in Q3 FY22) and a profit after tax (PAT) of INR 711 crore (vs INR 686 Crore in Q3 FY22). The nine months revenue grew by 17%, while PAT registered growth of 11%. Revenues for the quarter stood at INR 8,031 crore and the EBITDA margin was 11.5%, the company said in a media release
The consolidated revenue and PAT for the quarter was INR 8,118 crore and INR 721 crore and for the nine months of the year INR 25,724 crore and INR 1,989 crore respectively. The company has declared an interim dividend of INR 65 per equity share, the release said.
During the quarter, VIDA, Powered by Hero, the emerging mobility brand of Hero MotoCorp, commenced customer deliveries of its electric vehicle – VIDA V1 scooter. The highly customizable, Built-to-Last VIDA V1, with convenient removable batteries and three-way charging options, is available in two variants – VIDA V1 Plus at INR 135,705 and VIDA V1Pro at INR 146,880.
Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said, “We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over the next few quarters, especially in the premium segment. This, coupled with our renewed focus on savings programmes, should help improve our margin profile going forward. We are excited about our EV programme, with Vida being established as a premium and aspirational brand. We are planning to roll this out across multiple cities in FY 24. Our R&D teams are working on accelerated portfolio expansion as well, in the EV space. The recently-presented Union budget, with its focus on increasing capex investment on one hand and disposable income on the other, augurs well for the growth of the economy as well as the auto sector. We expect the two-wheeler industry to clock double digit revenue growth in FY24.”
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