Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, today reported its financial performance for the second quarter (July-September 2022) of the FY’ 2023.
The overall Revenue for the first half grew by 25.3%, and EBITDA margins have improved sequentially from 11.2% in Q1 to 11.4% in Q2, reinforcing the focus on both revenue as well as profitability. Our Q2 PAT at Rs.716 Crore, improved sequentially over Q1 of Rs. 625 Crore.
The consolidated Revenue and PAT for the quarter was Rs.9,158 Crore and Rs.682 Crore and for half year Rs.17,606 Crore and Rs. 1,268 Crore respectively.
Mr. Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said “The Indian economy has continued to outperform the global growth supported by its relatively stronger fundamentals, and the return of its strong domestic consumption since the re‐opening of all the sectors post covid. A healthy festive period demand across most categories and specifically in auto sector have demonstrated that the underlying propensity to spend has gone up. The consumer confidence is coming back , which augurs well for growth momentum moving forward.
Our Results reflect our continued financial discipline, focus on cost savings and capital allocation on one hand, while ensuring premiumisation of our portfolio on the other. The X tec Variants which have been launched across all key models have been received by the customers very well. We will continue to build presence in premium segment through multiple launches over next few quarters.
The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over next few quarters will be important. However, asthe commodities cool off, and the rate cycle reachesits peak, the medium term outlook for the Indian auto industry appears quite encouraging.”
VIDA V1 – Powered by Hero – the new age fully-integrated electric vehicle (EV) made its debut recently with best-in-class specifications, removable battery and connected product. It will leverage HMCL’s ecosystem and should hold us in good stead as we begin deliveries later this year. The VIDA V1 is our first EV offering which will be followed by EV products across segments over the coming years.
| Highlights for Q2 FY’23 (July‐Sept’22) | Highlights for H1 FY’23 (April‐Sept’22) |
| ∙ Volume – 14.28 lakh units of motorcycles and scooters sold in Q2 FY’23, ∙ Revenue from operations – Rs. 9,075 Crore, a growth of 7.4% over the corresponding quarter in the previous fiscal ∙ Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the Quarter stood at Rs. 1,038 Crore ∙ Profit Before Tax (PBT) – Rs. 964 Crore ∙ Profit After Tax (PAT) – Rs.716 Crore | ∙ Volume – 28.18 lakh units of motorcycles and scooters sold in H1 FY’23 ∙ Revenue from operations – Rs.17,468 Crore, a growth of 25.3% over the corresponding H1 in the previous fiscal ∙ Earnings Before Interest, Tax, Depreciation, & Amortization (EBITDA) for the H1 stood at Rs. 1,979 Crore ∙ Profit Before Tax (PBT) – Rs. 1,787 Crore ∙ Profit After Tax (PAT) – Rs. 1,341 Crore |
