Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, today reported its financial performance for the third quarter (October-December 2021) of the FY’ 2022.
The company's Revenue from Operations for the quarter stood at Rs. 7,883 Crore.
EBITDA margin for the third quarter was at 12.2%.
Profit After Tax (PAT) for the quarter was at Rs. 686 Crore, and YTD PAT at Rs.1,846 Crore. The Consolidated PAT for the quarter was Rs. 704 Crore (YTD Rs. 1708 Crore). The company declared an interim dividend of Rs. 60 per share amounting to 3000%.
Mr. Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said, “The current fiscal has seen the domestic two-wheeler industry impacted by twin challenge of softer demand due to pandemic and margin squeeze due to sharp commodity cost inflation. Our continued focus on savings programs combined with judicious price increases has helped cushion the impact on customers as well as margins.
With the rapid easing of the 3rd wave, and full re-opening of all the sectors of the economy in the coming weeks, including the hospitality sector, education sector, etc., we expect a much broader economic recovery and increase in consumer confidence. The recently announced Union Budget, with its focus on growth through increased capital expenditure, as well as continued support to rural and MSME sector augurs well for FY '23 demand scenario in general and two-wheeler industry in particular.
Commodity cost pressures are expected to ease, as supply imbalances get corrected gradually, some part of which is evident in the softening of precious metal and steel prices. We will continue to accelerate our savings program, premiums within the brands, and take price increases where necessary.”
The company continues to progress on the launch of its Electric Vehicle, which will be produced at the company’s manufacturing facility at Chittoor in the southern state of Andhra Pradesh. Through its investments and partnerships like Ather Energy and Gogoro Inc., Hero MotoCorp is also working towards building the entire EV ecosystem – from product to technology, to sales service, customer care, operations, and innovation. Sustainability and Emerging Mobility is a priority area for Hero MotoCorp and the company continues to enhance its efforts in this direction.
With consistent efforts in the field of sustainability and ESG, Hero MotoCorp has achieved two major recognitions. Diversity & inclusion, eco-efficiency, value chain greening, and inclusive growth have facilitated the recognition by Emerging Markets Dow Jones Sustainability Index, for the second consecutive year.
Hero MotoCorp also leads the motorcycles segment in Sustainalytics. The Company’s ESG risk exposure score is a reflection of the organization’s strong commitment to ESG. Sustainalytics risk ranking is based on issues of Corporate Governance, Product Governance, Business Ethics, Carbon -Products and Services, and Carbon - Own Operations.
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