Hero MotoCorp net dips
Hero MotoCorp, the country’s largest two-wheeler maker, on Tuesday beat Street estimates when it posted a 15 per cent drop in standalone profit after tax for the March quarter of 2020 at Rs 620 crore against Rs 730 crore a year ago.
Analysts had expected profits to fall by at least 25 per cent on account of the Covid-19 pandemic.
The spread of the virus and the consequent lockdown affected HeroMoto Corp’s topline during the period with its standalone revenues declining to Rs 6,238.39 crore compared with Rs 7,884.96 crore in the year-ago period, which was in line with analyst expectations.
“Year 2019-20 was a challenging year for the auto industry globally, and yet we at Hero MotoCorp had some positive takeaways from the year. Be it strengthening our presence in the premium motorcycle and scooter segments or swiftly transforming to the BS-VI emission norms, our teams ensured that we continue to strengthen the brand core in a sluggish market,’’ Pawan Munjal, chairman and CEO, Hero MotoCorp, said.
He added that while the pandemic has pushed several timelines, the company has successfully navigated through the unprecedented times with business continuity.
“As we now rapidly scale-up operations post the lockdown, it will be critical that the industry receives support from all quarters. As businesses and governments continue to learn and adapt to this evolving situation, strategic measures are needed to rapidly boost the customer sentiment and bring vitality to the market through focused economic measures,’’ he said.