Hero MotoCorp Q1 Results FY2023, PAT at Rs. 625 crores

On 12th August 2022, Hero MotoCorp announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

-  The Revenue from operations for the first quarter of FY2023 stood at Rs. 8393 Crores, up by 53% YoY.

- EBITDA for the quarter stood at Rs. 941 Crore vs Rs. 515 Crores in Q1 FY’22 reflecting an 11.2% EBITDA margin and a growth of 83%

- PBT stood at Rs. 824 crores, with a growth of 70% YoY.

- The company reported its PAT at Rs. 625 Crores, with a growth of 71% YoY.

Business Highlights:

- Hero MotoCorp launched the new edition of the iconic motorcycle Splendor – the Splendor+ XTEC and unveiled an exclusive Rally Edition of the widely popular motorcycle XPulse 200 4V, it also introduced the new Passion ‘XTec’.

- The company strengthened its commitment and operations in Turkey with the introduction of Euro-5 compliant variants of its three globally popular products – The XPulse 200 4V motorcycle and Dash 110 & Dash 125 scooter

- Hero MotoCorp launched a new community-riding platform, XCLAN expanding the motorcycling culture in the country. The XCLAN platform is the first official Hero XPulse owners club that provides a stage for them to engage with each other, build their cohort, and develop camaraderie with budding and experienced riders

- 13.90 lakh units of motorcycles and scooters were sold in Q1FY23, a growth of 36% over the corresponding quarter in the previous fiscal

- The Company is gearing up to launch an Electric vehicle in the festive season

Commenting on the results, Mr. Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said “The Fiscal year began on a positive note for the industry, with growth over not only last year but sequentially over Q4 FY22 as well. While the macroeconomic environment globally is facing headwinds of inflation, Indian economy is relatively better placed to move on path to recovery and growth. Certain key indicators like GST collections, PMI, and consumer confidence index are all moving in the right direction.

As the country enters the festive season, we expect the 2-wheeler demand to be on a healthy trajectory supported by micro factors like normal monsoon, crop cycle, opening of all sectors of the economy etc. The margin pressure on the industry is also likely to ease in coming quarters, as commodities cool off and price recovery moves ahead of cost impact. We have launched several exciting products recently on XTEC series; Splendor XTEC, Glamour XTEC, Passion XTEC, and Destini XTEC. These combined with line up of future launches should help the company in gaining market shares.”