Hero MotoCorp more than doubles its consolidated profit after tax for the quarter April-June 2022 to reach Rs 585 crore

New Delhi, August 12: Hero MotoCorp Ltd on Friday reported that its consolidated profit after tax more than doubled to Rs 585.58 crore in the first quarter ended 30 June 2022.

Hero MotoCorp Ltd said in a regulatory filing that it posted a consolidated profit after tax of Rs 25.646 billion for the same period last financial year. It added that consolidated revenue from operations in the first quarter amounted to Rs.844.754 billion, compared with Rs.550.280 billion in the same period last year. Hero MotoCorp sold motorcycles worth Rs 140,000 during the festive period.

Hero MotoCorp said it sold 13.9 million motorcycles and scooters during the quarter, a 36 percent increase over the corresponding period in the previous fiscal year.

A combination of cost-cutting measures, prudent price hikes and a premium model line-up have allowed the company to maintain its profits, he added, despite commodity headwinds and supply chain disruptions due to geopolitical issues.

Total expenses for the quarter increased to Rs.769.293 billion compared to Rs.516.94 billion for the same period last year. The cost of materials consumed reached Rs 6,095.68 crore, up from Rs 4,174.94 crore in the first quarter of the previous financial year, Filing said.

The fiscal year started on a positive note for the industry, with continued growth not only last year, but also into the fourth quarter of 2022.

On the outlook, he said, “As the country enters the festive season, we expect two-wheeler demand to be on a healthy trajectory supported by micro-factors such as the normal monsoon, crop cycles and the opening up of all sectors of the economy. is doing.

Gupta added that margin pressure on the industry is likely to ease in the coming quarters as commodities cool and price recovery outpace cost impacts.

Hero MotoCorp said it is preparing to launch an electric vehicle for the holiday season and has entered into partnerships and collaborations for various activities, including charging infrastructure.

(This is an unedited article auto-generated from a syndicated news feed. LatestLY staff may not have changed or edited the content body)

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https://ift.tt/yud3X07 Hero MotoCorp more than doubles its consolidated profit after tax for the quarter April-June 2022 to reach Rs 585 crore

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