Hero MotoCorp Q4 net up 31% at Rs 811 cr; total income at Rs 8,672 cr

New Delhi: Hero MotoCorp on Thursday said its consolidated profit after tax increased by 31 per cent to Rs 811 crore for the fourth quarter ended March 31, 2023, riding on the back of robust sales.

The country's largest two-wheeler maker reported a profit after tax (PAT) of Rs 621 crore in the January-March quarter of 2021-22 fiscal.

Total income rose to Rs 8,672 crore in the period under review from Rs 7,628 crore in the year-ago period, Hero MotoCorp said in a regulatory filing.

The company reported sales of 12.70 lakh units in the fourth quarter, up 7 per cent, as compared with 11.89 lakh units in the same period of 2021-22 fiscal.

For the year ended March 31, 2023, the company reported a consolidated PAT of Rs 2,800 crore as against Rs 2,329 crore in the fourth quarter of 2021-22 fiscal.

Total income increased to Rs 34,727 crore in the period from Rs 30,106 crore in the year-ago period.

On a standalone basis, the net profit for the quarter stood at Rs 859 crore, reflecting a growth of 37 per cent over Rs 627 crore reported in the previous year.

The company reported sales of 53.29 lakh units in FY23 compared with 49.44 lakh units in FY22.

Hero MotoCorp said its board declared a final dividend of Rs 35 per share taking the total dividend for the year to Rs 100 (5000 per cent) on face value of Rs 2 per share.

Commenting on the company's performance, Hero MotoCorp CEO Niranjan Gupta said the company has been able to drive margin expansion and profitable growth this quarter through a judicious combination of pricing, savings, and product mix.

"In the coming fiscal year, we have lined up a slew of product launches in different segments with an aim to strengthen our premium portfolio as well as premiumisation of existing models, which will help us deliver improvement in market share," he added.

The company is also accelerating its EV rollout, with a plan to be in 100 cities within this calendar year, Gupta said.

"Apart from exclusive Vida outlets in certain cities, we will be using our existing distribution system across cities to ensure wider reach. The recent price revision now makes Vida accessible to more customers, and we expect this will increase the EV transition in scooter category," he added.

Gupta noted that the economic activity in India continues to build momentum with key indicators moving in the positive direction.

"We do expect two-wheeler industry revenue growth to be double-digit in the coming year," he stated.

Shares of the company ended 0.43 per cent up at Rs 2,514.05 apiece on the BSE.