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India's largest two-wheeler maker Hero MotoCorp on Friday posted a 71% jump in its standalone net profit at 624.52 crore for the first quarter ended 30 June, 2022. The company had posted net profit of 365 crore in the corresponding period of the previous financial year.

The company's revenues from operations in the period under consideration (Q1FY23) jumped 53% to 8,392.54 crore from 5,487 crore earlier. Total expenses stood at 7,621.73 crore, which is a jump or decline of % over 5,141 crore registered in Q1FY22.

Ebitda (Earnings before interest, tax, depreciation and amortisation) margin for the June quarter stood at 941 crore.

The company sold 13.90 lakh two-wheelers in the first quarter, up 36% over 10.25 lakh units recorded in the year-ago period.

Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said “While the macro economic environment globally is facing headwinds of inflation, Indian economy is relatively better placed to move on path to recovery and growth."

“Certain key indicators like GST collections, PMI, consumer confidence index are all moving in the right direction," Gupta said.

He further said, “As the country enters the festive season, we expect the 2 wheeler demand to be on a healthy trajectory supported by micro factors like normal monsoon, crop cycle, opening of all sectors of the economy etc. The margin pressure on the industry is also likely to ease in coming quarters, as commodities cool off and price recovery moves ahead of cost impact."

On Friday, Hero MotoCorp scrip was down 0.98% to close at 2,758.00 on the NSE.

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