Hero MotoCorp Q1 net profit jumps 38% to Rs 1,257 crore

On Tuesday, 2-wheeler giant, Hero MotoCorp Q1 financial results were declared. The company reported a net profit of Rs 1,257.34 crore on a standalone basis for the quarter ended June 30.

Hero MotoCorp's consolidated revenues from operations decreased to Rs 8,185.97 crore for the quarter ended June 30, 2019, from Rs 8,913.27 crore in the first quarter of 2018-19. Reuters

On Tuesday, 2-wheeler giant, Hero MotoCorp Q1 financial results were declared. The company reported a net profit of Rs 1,257.34 crore on a standalone basis for the quarter ended June 30. The company has also reported an exceptional item worth Rs 737.48 crore during the first quarter. The profit after tax (PAT) for the quarter increased to Rs 1,257.34 crore, with 38% jump from Rs 909.17 crore reported for the corresponding period of the previous fiscal.

Highlights:

1. Hero MotoCorp's revenue from operations for the quarter fell to Rs 8,030.27 crore, from Rs 8,809.82 crore for the quarter ended June 30, 2018.

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2. On consolidated basis, Hero MotoCorp's net profit in the first quarter rose to Rs 1,256.69 crore from Rs 924.74 crore reported for the corresponding quarter of last fiscal.

3. Hero MotoCorp's consolidated revenues from operations decreased to Rs 8,185.97 crore for the quarter ended June 30, 2019, from Rs 8,913.27 crore in the first quarter of 2018-19.

4. Hero MotoCorp Chief Financial Officer Niranjan Gupta said, "The overall economic and customer sentiments continued to be soft during the first quarter of this fiscal and their impact is clearly visible in the performance of the auto sector. The outlook for the rest of the year will be dependent on multiple factors, including the progress of monsoon and festive season offtake, as well as improvement in liquidity. Given the dependence of multiple sectors and millions of jobs on auto industry, it is imperative for the government to take urgent steps to boost consumption''.

5. Hero MotoCorp stock closed on Tuesday at Rs 2259.35 a share, down Rs 144.40, or by 6.01 per cent, on its previous close on the BSE.

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