Two-wheeler major Hero MotoCorp on Tuesday reported a 3.40 per cent drop in profit at Rs 976 crore for September quarter. Analysts in an ET Now poll had estimated the profit figure at Rs 928 crore.
The auto major had reported Rs 909 crore profit for June quarter and Rs 1,010 crore for the year-ago period
Revenues from operation came in at Rs 9,091 crore, a growth of 8.6 per cent over that for the corresponding period last year. Analysts in an ET NOW poll had estimated revenues at Rs 9,009 crore.
The company achieved its best-ever sales performance for the second quarter, selling 21,34,051 units two-wheelers in the three-month period. Volumes were up 5.5 per cent on a yearly basis.
Earnings before interest, tax, depreciation and amortization (Ebitda) for the quarter came in at Rs 1,379 crore. Ebitda margin at 15.2 per cent was lower than June quarters margin of 15.6 per cent and last years 17.4 per cent.
“While the global economy has been stable and firm in the last quarter, the India story continues to fascinate the world, with an expected growth of more than 7 per cent per cent. We expect to carry the momentum forward during the rest of the year, and navigate through the cost challenges to deliver profitable and sustained growth,” said Pawan Munjal Chairman, MD & CEO of Hero MotoCorp.
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