Hero MotoCorp has moved higher to its fresh record high of Rs 3,556, up 3% on the National Stock Exchange (NSE), after the company reported 18% year on year (YoY) growth in net profit at Rs 883 crore for the quarter ended June 30, 2016 (Q1FY17). Analysts on an average had expected profit of Rs 838 crore for the quarter.
The world's largest manufacturer of two-wheelers had registered a profit of Rs 748 crore in the same quarter last fiscal.
Total income from operations increased 7.7% at Rs 8,011 crore against Rs 7,435 crore in the corresponding quarter of previous fiscal.
The company has sold 1.74 million units during the quarter against 1.65 million units in year-ago quarter, Hero Motocorp said in a statement.
EBITDA (earnings before interest, tax, depreciation and amortisation) increased 18% YoY to Rs 1,230 crore and margin has seen expansion of 134 basis points to 15.35% in Q1FY17 from 14.01% in Q1FY16.
At 01:47 pm, the stock was up 2.3% at Rs 3,525 on the NSE, as compared to 0.28% rise in the Nifty 50 index. A combined 1.09 million shares changed hands on the counter on the BSE and NSE.