Hero MotoCorp Q1 net profit soars 498% to ₹365 cr1 min read . Updated: 12 Aug 2021, 07:15 PM IST
- The company reported an 85% year-on-year rise in revenue from operations to ₹5,487 crore
- The consolidated revenue from operations stood at ₹5,503 crore
Country's leading two-wheeler manufacturing company Hero MotoCorp on Thursday reported a 498% year-on-year rise in net profit to ₹365 crore in the quarter ended 30 June, 2021. The automaker had posted a net profit of ₹61 crore in the year-ago period.
The company reported an 85% year-on-year rise in revenue from operations to ₹5,487 crore as against ₹2,972 crore a year ago. The consolidated revenue from operations stood at ₹5,503 crore.
"The first quarter of this fiscal has been adversely impacted by Covid-19. Despite the challenges posed by the pandemic, Hero MotoCorp achieved significant growth in both earnings and profitability," said Chief Financial Officer Niranjan Gupta.
"The commodity costs continued to rise, thereby impacting the industry margins. We have taken judicious and measured pricing decisions, reducing the impact on the customers by offsetting part of the increase through the accelerated Leap-2 saving program," Gupta said.
In April 2021, Hero MotoCorp proactively paused its operations temporarily at all of its manufacturing facilities across the country, including its Global Parts Center (GPC) in Neemrana and its R&D facility - the Centre of Innovation and Technology (CIT), Jaipur due to the second wave of Covid-19 pandemic. The company resumed production at its manufacturing plants in India in a staggered manner from May 17, 2021.
Shares of Hero MotoCorp ended flat at Rs. 2,782.55 on the NSE.
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