Hero MotoCorp's Profits Accelerate with Robust Sales

Hero MotoCorp reported a profit after tax of Rs 1,066 crore for Q2 2024, marking a 6% increase from the previous year. The rise in profits, attributed to strong sales, led to over a 5% surge in the company's shares. The company sold 15.2 lakh units in the quarter.

Shares of Hero MotoCorp witnessed a significant uptick on Monday, climbing over 5% after the firm announced a consolidated profit after tax increase of 6% year-on-year for the quarter ended September 30, 2024. The profit reached Rs 1,066 crore, primarily driven by higher sales figures.

On the BSE, the stock rose by 5.12% to Rs 4,840.40, while at the NSE, it also went up by 5.12%, settling at Rs 4,839.95. The two-wheeler giant recorded a profit after tax of Rs 1,007 crore in the same quarter last fiscal. Moreover, revenue from operations surged to Rs 10,483 crore in the September quarter, compared to Rs 9,533 crore in the year-ago period, as per the company's regulatory filing.

Hero MotoCorp sold 15.2 lakh units of motorcycles and scooters from July to September this fiscal, up from 14.16 lakh units in the same timeframe last year. CEO Niranjan Gupta noted the improvements in cash flow management and financial strength, highlighting the continued success in entry and deluxe segments and progress in building a premium brand portfolio.

(With inputs from agencies.)