Hero MotoCorp clocks 36 pc rise in Q1, net profit at Rs 1,123 crore
The company said that the higher profit was driven by strong sales, recovery in the rural market and new launches.
Shares of Hero MotoCorp on Friday closed marginally lower after the company reported a 95.38 per cent decline in consolidated net profit for the quarter ended June.
The stock, which declined 1.90 per cent to Rs 2,757.65 during the day on BSE, later closed at Rs 2,805.45, down 0.21 per cent.
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On NSE, it settled 0.49 per cent lower at Rs 2,796.
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The country’s largest two-wheeler maker on Thursday reported a 95.38 per cent decline in consolidated net profit at Rs 57.78 crore for the first quarter ended June 30, on account of lower sales due to coronavirus pandemic.
The company had posted a net profit of Rs 1,256.69 crore during April-June period of previous fiscal.
Total income during the quarter under review declined to Rs 3,119.22 crore as compared with Rs 8,410.41 crore in the year-ago period, Hero MotoCorp said in a regulatory filing.
The two-wheeler major sold a total of 5.65 lakh units of motorcycles and scooters in the first quarter of fiscal 2020-21 as compared with 18.43 lakh units in the same period of 2019-20.
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