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.
Share price of Hero MotorCorp plunged nearly 2 per cent on Friday after the company reported a 95.38 per cent decline in consolidated net profit in June quarter.
The stock declined 1.90 per cent to Rs 2,757.65 on the BSE. On the NSE, it fell 1.90 per cent to Rs 2,756.05.
On Thursday, the coronavirus pandemic-hit company posted a 95.38 per cent decline in consolidated net profit at Rs 57.78 crore for the first quarter ended June 30 against. The company had posted a net profit of Rs 1,256.69 crore during April-June period of previous fiscal.
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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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