Hero MotoCorp net up 36.5 per cent
The country’s largest two-wheeler maker Hero MotoCorp today reported a 36.5 per cent increase in standalone net profit at Rs 795.81 crore for the third quarter.
By Sharmistha Mukherjee, ET Bureau | Updated:
NEW DELHI: The country’s largest two-wheeler maker Hero MotoCorp today reported a 36.5 per cent increase in standalone net profit at Rs 795.81 crore for the third quarter ended December 31, 2015.
The company had reported net profit of Rs 582.98 crore in the corresponding period of the last financial year.
The company’s revenue stood at Rs 7294.78 crore, up by 6.66 per cent over Rs 6839.25 crore registered in the year-ago period. Operating profit margin for the quarter under review was 15.63 per cent.
Pawan Munjal, chairman and managing director and chief executive officer, Hero MotoCorp said, “The third quarter (October-December) of financial year (FY) 2015-16 was significant for HMCL, as we achieved two important milestones. We successfully launched Maestro Edge and Duet scooters – the first of the products developed by our own in-house R&D team. Both of these new scooters have received positive response from the customers. Secondly, in the festive quarter, we set yet another benchmark by surpassing the million-mark in retail sales during the 35-day festive period.”
Howver, Munjal said that the domestic two-wheeler market continues to be sluggish and the company expects sentiments to remain subdued for the next couple of quarters. “Demand in rural markets has been severely impacted due to two consecutive sub-normal monsoons. We may see a positive turn-around towards the second half of the next fiscal if we have a good monsoon and sentiments change in the rural market”, added Munjal.
The company had reported net profit of Rs 582.98 crore in the corresponding period of the last financial year.
The company’s revenue stood at Rs 7294.78 crore, up by 6.66 per cent over Rs 6839.25 crore registered in the year-ago period. Operating profit margin for the quarter under review was 15.63 per cent.
Pawan Munjal, chairman and managing director and chief executive officer, Hero MotoCorp said, “The third quarter (October-December) of financial year (FY) 2015-16 was significant for HMCL, as we achieved two important milestones. We successfully launched Maestro Edge and Duet scooters – the first of the products developed by our own in-house R&D team. Both of these new scooters have received positive response from the customers. Secondly, in the festive quarter, we set yet another benchmark by surpassing the million-mark in retail sales during the 35-day festive period.”
Howver, Munjal said that the domestic two-wheeler market continues to be sluggish and the company expects sentiments to remain subdued for the next couple of quarters. “Demand in rural markets has been severely impacted due to two consecutive sub-normal monsoons. We may see a positive turn-around towards the second half of the next fiscal if we have a good monsoon and sentiments change in the rural market”, added Munjal.
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