Hero MotoCorp, the Indian motorcycle manufacturer, has recently announced the results of its first quarter of the financial year 2024. During this period, the company sold 1.35 million motorcycles and scooters, generating a total revenue of INR 89.89 billion. This represents a 6% increase compared to the previous quarter. Additionally, the company’s EBITDA for Q1 FY’24 was INR 12.06 billion, marking a growth rate of 28%.
According to the information provided, the company’s operations during the quarter resulted in an increase in operating revenue from INR 83.93 billion to INR 87.67 billion and total income from INR 84.46 billion to INR 89.89 billion. Consolidated operating revenue remained at INR 88.51 billion, recording a 5% growth compared to the previous year, while the profit after tax stood at INR 7.01 billion, reflecting a 20% increase from the previous year.
Recently, Hero MotoCorp has launched several new motorcycles, including the Xtreme 160R 4 Valve, XPulse 200 4-Valve with OBD2, and E20 variants. These motorcycles are gaining popularity gradually. The company has also introduced a new range of HF Deluxe and Passion+ models.
However, the most significant launch will be the Harley-Davidson X440, which has received more than 25,000 bookings. The prices of this motorcycle have also increased, and it now starts at INR 239,500 in Delhi. Currently, the manufacturer has stopped accepting bookings for the X440. Hero MotoCorp will commence the production of the Harley-Davidson X440 in September 2023 and start delivering to customers from October.
Hero MotoCorp’s CEO, Niranjan Gupta, has stated that the internal combustion engine (ICE) business has returned to pre-COVID margin levels, providing the necessary fuel for growth. The company is focusing on development and market share expansion. They have begun strengthening their presence in the premium segment and have received good pre-bookings for the Harley-Davidson X440.
Additionally, they have plans to launch more models in this segment in the coming months, aiming for significant success in the premium segment. The presence of their electric vehicles (EVs) is also increasing, and they are expanding their coverage to 100 cities by December this year.
Summery :
– Hero MotoCorp has announced its sales results for the first quarter of fiscal year 24.
– The company sold 13.53 lakh motorcycles and scooters in this period, with a revenue of 8,989 crore rupees.
– The revenue and EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) showed growth compared to the previous quarter.
– The company’s operational revenue increased from 8,393 crore rupees to 8,767 crore rupees, and the total revenue increased from 8,446 crore rupees to 8,989 crore rupees during the quarter.
– The combined revenue from operations was 8,851 crore rupees, with a 5% growth rate compared to the previous year.
– The Profit After Tax (PAT) was 701 crore rupees, with a 20% increase compared to the previous year.
– Hero MotoCorp has recently launched several new motorcycles, including Xtreme 160R 4 Valve, XPulse 200 4-Valve, E20 version, HF Deluxe, and a new range of Passion+.
– The company has also received more than 25,000 bookings for the Harley-Davidson X440 motorcycle, which will start production in September 2023.
– Hero MotoCorp plans to strengthen its presence in the premium segment and expand its electric vehicle presence in 100 cities by December.
