Hero MotoCorp’s Q2 dips over 3%

Mumbai: Two-wheeler major Hero MotoCorp on Tuesday reported a decline of over 3 per cent in its net profit for the quarter ending September 30, 2018.

According to the company, the profit after tax (PAT) for the quarter declined to Rs 976 crore from Rs 1,010 crore reported for the corresponding period of the previous fiscal.

However, the two-wheeler major’s net revenue from operations grew 8.6 per cent during the quarter under to Rs 9,091 crore over corresponding period last year.

As per the quarterly result, earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter stood at Rs 1,379 crore reflecting a 15.2 per cent EBITDA margin.

Further, the company reported its best-ever sales performance for the second quarter of any financial year – selling 21,34,051 units of two-wheelers in the three-month period.

“Hero MotoCorp, backed by sustained demand for its popular range of motorcycles and scooters, continued its sales growth in Q2FY’19 compared to the corresponding quarter in the previous fiscal,” said Pawan Munjal, Chairman, Managing Director and Chief Executive Officer, Hero MotoCorp.

“We at Hero MotoCorp have created sturdy financial structures and robust market demand for our iconic brands, and have been consistently reporting sequential growth quarter-after-quarter. We expect to carry the momentum forward during the rest of the year, and navigate through the cost challenges to deliver profitable and sustained growth.”