Hero Motocorp Q3 profit rises 4% YoY; co declares interim dividend of 3,250%
1 min read . Updated: 07 Feb 2023, 05:57 PM IST
Premium- Accordingly, the Board has fixed 17 February, 2023 as record date for determining entitlement of members for the purpose of payment of interim dividend
Two-Wheeler maker Hero MotoCorp on Tuesday posted a net profit of ₹711 crore for the October-December quarter (Q3FY23), as compared to ₹686 crore during the same quarter last year. This is about a 3.6 per cent increase in net profit on a year-on-year basis.
The company's revenue from operations for the quarter came in at ₹8,031 crore as against ₹7,883 crore during Q3 FY22, recording an increase in revenue of 1.8 per cent.
The company has also declared an interim dividend of 3,250% i.e. ₹65 per equity share for the financial year 2022-23.
Accordingly, the Board has fixed 17 February, 2023 as record date for determining entitlement of members for the purpose of payment of interim dividend. The payment of interim dividend/ dispatch of dividend warrants will be completed by March 9, 2023.
Total expenses stood at ₹7,273.74 crore in the quarter under review, which is a jump of % over ₹7,094 crore registered in the same quarter last year.
The earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at ₹924 crore.
"We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over next few quarters, especially in premium segment. This, coupled with our renewed focus on savings programme should also help in improving our margin profile going forward," said Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp.
Gupta added, "We are excited about our EV programme, with Vida being established as 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."
On BSE, Hero MotoCorp shares closed 1.32% lower at ₹2,658.85 apiece on Tuesday. The company's market cap is around ₹52,915 crore.
