New Delhi: India’s largest two-wheeler maker Hero MotoCorp on Thursday reported that its standalone profit for the April-June quarter plunged 95.12 per cent to Rs 61.31 crore.
The automaker had posted a net profit of Rs 1,257.34 crore in the identical quarter a year in the past.
The company’s revenue from operations dropped 63 per cent to Rs 2,971.54 crore from 8,030.27 crore a year in the past.
It bought 5.65 lakh two-wheelers throughout the quarter, down 69.34 per cent from 18.43 lakh a year in the past.
“Delivering a positive bottom line, despite only 25 per cent capacity utilization, reflects the resilience of the portfolio and ability to optimize costs and improve productivity,” the company assertion said.
Hero MotoCorp additional added that sequential month-to-month gross sales saved enhancing throughout the quarter as markets in a number of elements of the nation regularly re-opened, thereby main the revival of the home two-wheeler sector.
Niranjan Gupta, CFO, Hero MotoCorp said, “Hero MotoCorp was quick to begin work on cost control and efficiencies that enabled us to limit the impact of the unprecedented times during the first quarter of the financial year.”
“Cash conservation efforts and rationalization of bills, together with productiveness enhancement measures, have helped us go by the unsure interval as we now enter the part of speedy restoration and return of demand,” he added.
Gupta said the company is aly seeing green shoots, and expects them to sustain and get stronger as towards the festive season. He pointed out that the company’s July sales were more than 95 percent of pre-covid sales and the company expects to see a positive trend moving forward.
The company’s market share in the quarter stood at 34.6 per cent, a gain of 333 basis points (bps) on year-on-year basis.