Two-wheeler maker Hero MotoCorp posted a net profit on Tuesday 711 crore for the October-December quarter (Q3FY23) as compared to Rs. 686 crore during the corresponding quarter last year. This is an increase of about 3.6 per cent in net profit on an annual basis.
The company’s revenue from operations for the quarter was 8,031 crore as against 7,883 crore during Q3 FY22, registering a growth of 1.8 per cent in revenue.
The company has also declared an interim dividend of 3,250% 65 per equity share for the financial year 2022-23.
Accordingly, the Board has fixed February 17, 2023 as the record date for determining the eligibility of members for the purpose of payment of interim dividend. Payment of interim dividend/dispatch of dividend warrants will be completed by March 9, 2023.
total spent 7,273.74 crore in the quarter under review, a jump of % more 7,094 crore was registered in the same quarter last year.
Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter 924 crores.
“We have started recovering our market shares and expect this journey to continue with exciting launches over the next few quarters, especially in the premium segment. This along with our renewed focus on savings program- It 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, positioning Vida as a premium and aspirational brand. We plan to launch it in multiple cities in FY24. Our R&D teams are rapidly Also working on portfolio expansion from EV space.”
Hero MotoCorp shares closed down 1.32 per cent on the BSE. 2,658.85 on Tuesday to Rs. The company’s market cap is around 52,915 crores.
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