‘While a late recovery towards the second half of FY21 saw the company gain strong volumes, the broader market continues to suffer in view of the recent Covid surge,’ says Pawan Munjal
BS Web Team |
Last Updated at May 6, 2021 21:09 IST
India’s largest two-wheeler maker Hero MotoCorp on Thursday posted a 39.2 per cent increase in its standalone net profit at Rs 864.97 crore for the quarter ended March 31, 2021 (Q4FY21). It was Rs 620.7 crore in the year-ago period.
On a consolidated basis, Hero MotoCorp’s profit after tax came in at Rs 885.28 crore compared with Rs 613.81 crore reported in Q4FY20.
The company’s board recommended final dividend Rs 25 per equity share and special dividend Rs 10 per equity share.
The two wheeler major’s revenue from operations came in at Rs 8,685.97 crore, up 39.2 per cent from Rs 6,238.39 crore in the same quarter last year.
The numbers beat Street expectations as brokerages were anticipating over 30 per cent YoY increase in net profit. Kotak Institutional Equities, for instance, pegged Hero Moto’s PAT at Rs 851.6 crore, up 37 per cent YoY and down just 21 per cent QoQ. Revenue, meanwhile, was seen at Rs 8,493.8 crore, up 33 per cent YoY by global brokerage Nomura. READ HERE
“Despite the challenges, Hero MotoCorp grew its market share in both motorcycles and scooters. We also grew our presence in the premium segment that would be further strengthened with our strategic partnership with Harley-Davidson,” said Pawan Munjal Chairman & CEO of Hero MotoCorp.
“With the fresh surge in Covid-19, Hero MotoCorp is keeping a close watch on the rapidly evolving situation, as we take steps to protect our employees and operations, while also initiating relief measures to aid the efforts initiated by our organization, and various governments and institutions,” he said.
Pawan Munjal has been re-appointed as the Chairman and CEO for a term of five years with effect from October 1, 2021, subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.
The company has sold 1.56 million two-wheelers during the March quarter as compared to 1.3 million units in the year-ago period
On Thursday, Hero MotoCorp’s scrip rose 4.67 per cent to close at Rs 2,918.40 on NSE.
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