Hero MotoCorp's Q4 profit rises 18% to over ₹1,000 crore
What's the story
Hero MotoCorp, India's leading two-wheeler manufacturer, has reported an 18% increase in net profit for the quarter ending March 31, 2024.
The company's net profit stood at ₹1,016 crore, driven by strong volume growth and a refreshed product mix.
Additionally, easing commodity costs and higher average selling prices (ASPs) contributed to this significant rise.
The firm's revenue also saw a substantial increase of 15%, jumping to ₹9,519 crore in Q4FY24 from ₹8,307 crore in Q4FY23.
Stock update
Hero MotoCorp declares dividend, shares see uptick
The company has declared a dividend of ₹40 per share of ₹2 face value.
Today, the shares of Hero MotoCorp closed at an increased rate of ₹4,588 each, marking a rise of 2.5%.
This uptick in share price reflects the positive financial performance and investor confidence in the two-wheeler manufacturer's growth prospects.
Niranjan Gupta, CEO of Hero MotoCorp, attributed the company's success to its focus on product launches, network upgrades and customer satisfaction.
Growth prospects
Hero MotoCorp's future growth strategy unveiled
Gupta underscored the company's digital-first approach in premium products and expressed confidence about macro-economic factors propelling industry growth.
He stated, "With commodity prices remaining stable, expectations of normal monsoons, and government spending expected to increase, we see multiple tailwinds for the sector over the upcoming quarters.""Coming year will see us taking big strides in EV, through product launches in mid and affordable segment," said Gupta.