Hero Motocorp net up 18.13% at Rs 883.1 cr

Hero Motocorp has reported a 18.13% increase in its net profit for the quarter ended June 30, 2016, at Rs 883.1 crore compared with Rs 747.54 crore in the same quarter previous fiscal.

Total income from operations for the company improved 7.73% to Rs 8,010.66 crore compared with Rs 7435.47 crore in Q1FY16. EBIDTA margin for the company during the quarter improved to its highest ever of 16.63% against 15.09% over the corresponding quarter.

 “The first quarter of this fiscal carried forward the growth trajectory that we set for ourselves in the previous quarter. The sales growth is reflected in the positive financial results for the quarter and has given us the momentum to carry forward as we prepare for the upcoming festive season,” Hero Motocorp chairman, managing director and chief executive officer Pawan Munjal said.

 “With the above average monsoon so far, and the implementation of the 7th Pay Commission recommendations, we remain cautiously optimistic about the remaining months of FY17,” he said. During the quarter, the company sold 17.45 lakh units of two wheelers against 16.45 lakh units in Q1 FY2015-16. This is the highest quarterly sales for Hero Motocorp.