NewDelhi : Hero MotoCorp, India’s top manufacturer of motorcycles and scooters, on Thursday reported 14% rise in its standalone Net Profit at Rs.880 Crore, from Rs. 769 Crore during the corresponding period of the previous year. However, the company’s revenue from Operations for the quarter declined by 11% to Rs. 6,997 Crore as compared to Rs. 7,865 Crore in Q3 FY’19.
Meanwhile, consolidated Revenue and net profit stood at Rs 7075 Crore and 905 Crore respectively for the quarter. EBIDTA margin for the quarter stood at 14.8%. The company has also announced an interim dividend of Rs 65 per share.
“The two-wheeler industry continues to face challenges amidst an overall economic slowdown. Early indicators, such as a positive Rabi crop, augur well for the rural economy, which in turn is likely to help the industry. The slew of measures announced by the Finance Minister as part of the Union Budget earlier this week would also go a long way in reviving the economy. However, it will take sometime for the two-wheeler industry to see a sustained recovery. We expect to see positive turnaround in the second half of the new fiscal (FY’21)” Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said.