Hero MotoCorp Q3 net profit up 17% at ₹905 crore1 min read . Updated: 06 Feb 2020, 07:43 PM IST
- Hero MotoCorp reported a 17.07% rise in net profit to ₹905.13 crore for Q3 ended on 31 Dec 2019 as against ₹772.81 crore for the corresponding period of previous fiscal
- The Hero MotoCorp also announced an interim dividend of 3,250% amounting to ₹65 per share
NEW DELHI : Hero MotoCorp, India's largest two-wheeler maker, on Thursday reported a 17.07% rise in consolidated net profit to ₹905.13 crore for the quarter ended on 31 December 2019.
The company had posted a net profit of ₹772.81 crore for the corresponding period of previous fiscal, Hero MotoCorp said in a filing to the BSE.
Revenue from operations stood at ₹7,074.86 crore for the quarter under consideration as against ₹7,937.33 crore for the same period year ago.
The company also announced an interim dividend of 3,250% amounting to ₹65 per share, Hero MotoCorp said.
"The two-wheeler industry continues to face challenges amidst an overall economic slowdown. Early indicators, such as a positive Rabi crop, augur well for the rural economy, which in turn is likely to help the industry," Hero MotoCorp CFO Niranjan Gupta said.
The company expects to see positive turnaround in the second half of 2020-21, he added.
During the third quarter of 2019-20, Hero MotoCorp launched India's first BS-VI motorcycle Splendor iSmart and then followed it with first BS-VI motorcycle in the entry segment- the HF-Deluxe, the company said.
The company is geared-up to transition its entire product range to the new emission norms well before the regulatory deadline and plans to stop all BS-IV production by mid- February, Hero MotoCorp said.
Shares of Hero MotoCorp closed at ₹2,411.90 per scrip on the BSE, up 1.56% over previous close.