Hero MotoCorp Q1 profit zooms 18% to `883 crore

Country's largest two-wheeler maker Hero MotoCorp on Monday posted an 18.13 per cent jump in net profit at Rs 883.10 crore, its highest ever quarterly performance, for the first quarter ended June 30 aided by robust sales during the period.

The company had registered a net profit of Rs 747.54 crore during the April-June period last fiscal, Hero MotoCorp said in a regulatory filing. The two-wheeler marker posted gross sales of Rs 7,901.34 crore during the period under review, up 7.7 per cent from Rs 7,335.84 crore in the corresponding quarter of the previous fiscal.

"The first quarter of this fiscal carried forward the growth trajectory that we set for ourselves in the previous quarter," Hero MotoCorp Chairman, MD and CEO Pawan Munjal said. The sales growth is reflected in the positive financial results for the quarter and has given the company the momentum to carry forward as it prepares for the upcoming festive season, he added. "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," Munjal said.

The company sold 17,45,389 units of two-wheelers during the quarter, its highest ever sales in a quarter, as against 16,45,867 units in the same period of previous fiscal. Shares of the company hit its 52-week high level on the bourses after the country's largest two-wheeler maker reported its highest ever quarterly net profit at Rs 883.10 crore.