Hero MotoCorp sold 13.92 lakh units of motorcycles and scooters in fourth quarter of FY24, up 9.61% from 13.92 lakh units sold in Q4 FY23.
Profit before tax grew 17.7% year on year (YoY) to Rs 1,349.58 crore in the quarter ended 31 March 2023.
Earnings before interest, tax, depreciation & amortization (EBITDA) improved to Rs 1,359 crore Rs in March 2024 quarter, recording a growth of 25% YoY.
EBIDTA margin for the quarter was at 14.3%, reflecting an improvement of 120 bps on YoY basis, driven by product mix, lower commodity costs, higher savings, and judicious price increases.
In financial year ended March 2024, the company's net profit jumped 36.33% to Rs 3,967.96 crore on 10.8% increase in revenue to Rs 37,455.72 crore. The firm sold 56.21 lakh units of motorcycles and scooters in FY24, up 5.48% YoY.
Niranjan Gupta, chief executive officer (CEO), Hero MotoCorp, said, “The financial year 2024 has been a remarkable period for Hero MotoCorp. During the year, our focus on product launches, network upgrade and customer satisfaction drove us to new heights. From the highest number of product launches, to the expansion of new format retail outlets and upgrade at super speed, to a digital‐first approach in premium, we set the building blocks in place for accelerated growth in future.
Moving forward, we expect the macro‐economic factors to aid the industry’s growth. With commodity prices remaining stable, expectations of normal monsoons, and government spending expected to increase, we see multiple tailwinds for the sector over the upcoming quarters. We will be driving market share gains on the back of our launches in premium and 125 cc segment done in FY24.
Further, we are going to boost scooter portfolio by launching Xoom 125 cc and Xoom 160 cc in first half of the fiscal. Coming year will see us taking big strides in EV, through product launches in mid and affordable segment. Overall, we see a very positive outlook for upcoming years.”
Meanwhile, the company's board has recommended a final dividend of Rs 40 per share for the financial year ended 2024.
Further, Hero Moto will incorporate a wholly owned subsidiary in Brazil for manufacturing and distribution of two-wheeler vehicles including parts and accessories thereof. This acquisition is subject to the receipt of necessary governmental and regulatory approvals, as applicable.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters.