Hero MotoCorp reports revenue of Rs 9,075 crore in Q2 FY'23

• Image Credit: Google

• Nov 4, 2022 | Dhupali Das

The world's largest two-wheeler manufacturer reported that its overall revenue...

Digital Desk: Hero MotoCorp recently released its financial performance for the second quarter (July-September 2022) of FY' 2023. The world's largest two-wheeler manufacturer reported that its overall revenue for the first half of the current fiscal year increased by 25.3%, while EBITDA (earnings before interest, taxes, depreciation, and amortisation) margins rose sequentially from 11.2% in Q1 to 11.4% in Q2. The Splendor maker also announced that its Q2 PAT increased sequentially to Rs 716 crore from Rs 625 crore in Q1.

The consolidated revenue and PAT score for the quarter were Rs 9,158 crore and Rs 682 crore, and Rs 17,606 crore and Rs 1,268 crore for the half year, respectively. "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," said Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp.

In a recent press release, the company stated that it has noticed an increase in overall demand this holiday season. As per the company, the most recent festive season showed that consumers in India are now more inclined to buy. "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," added Gupta.

Moreover, the company has recently announced the debut of the new Vida V1 in the new electric vehicle sector. This scooter has been referred to as the new generation fully integrated electric vehicle (EV), which recently made its debut with remarkable features and characteristics like connection and a detachable battery kit.