Hero Motocorp has released its financial statement for the fourth quarter of FY 2023. The company’s revenues soared during the corresponding quarter, reporting figures of Rs. 8307 crore that represents a growth of 12 per cent over the previous year. This came from the sale of 12.70 lakh unit sales in the quarter which constitutes 23.8 per cent of all sales that took place in FY 2023. The PAT (Profit After Tax) figures came to Rs. 859 crore featuring a surge of 37 per cent.
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The brand sold 12.70 lakh units in the quarter
Speaking about the brand’s quarterly sales figures, Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said, “The company has been able to drive margin expansion and profitable growth this quarter through a judicious combination of pricing, savings, and mix. In line with our policy, we have declared an overall dividend for the year at Rs 100/ share, which continues to be in the top quartile in terms of the payout ratio. In the coming fiscal year, we have lined up a slew of product launches in different segments with an aim to strengthen our premium portfolio as well as premiumization of existing models, which will help us deliver improvement in market share. We are accelerating our EV rollout, with the plan to be in 100 cities within this calendar year.”
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Total Profit-After-Tax numbers in FY2023 stood at Rs. 33,406 crore
The two-wheeler manufacturer’s revenue for FY 2023 stood at Rs. 33,406 crore which represented a 16 per cent growth over the previous year. EBITDA was 3,986 Crore, showing an increase of 18 per cent while PAT was Rs. 2,911 Crore, growing 18 per cent over last year. Its total sales in the financial year amounted to 53.29 lakh units.
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Hero Launched the VIDA V1 electric scooter this year
Hero Motocorp rolled out many new products in the Fiscal Year which included the 110 cc Xoom scooter, XPulse 200 4V Rally edition and XPulse 200T 4V, Xtreme 160R Stealth 2.0 edition. The company also collaborated with Zero Motorcycles, the California (USA)-based manufacturer premium electric motorcycles manufacturer to co-develop electric motorcycles. Another one of its launches this year was the Vida V1 electric scooter which recently received a price cut of Rs. Rs 20,000 to Rs 25,000.
