Hero MotoCorp Q3 consolidated net profit rises 17% to Rs 905 crore

The country's largest two-wheeler maker Hero MotoCorp on Thursday reported a 17.07 per cent rise in consolidated net profit to Rs 905.13 crore for the quarter ended on December 31, 2019.

The company had posted a net profit of Rs 772.81 crore for the corresponding period of previous fiscal, Hero MotoCorp said in a filing to the BSE.

Revenue from operations stood at Rs 7,074.86 crore for the quarter under consideration as against Rs 7,937.33 crore for the same period year ago.

The company also announced an interim dividend of 3,250 per cent amounting to Rs 65 per share, Hero MotoCorp said.

"The two-wheeler industry continues to face challenges amidst an overall economic slowdown. Early indicators, such as a positive Rabi crop, augur well for the rural economy, which in turn is likely to help the industry," Hero MotoCorp CFO Niranjan Gupta said.

The company expects to see positive turnaround in the second half of 2020-21, he added.

During the third quarter of 2019-20, Hero MotoCorp launched India's first BS-VI motorcycle Splendor iSmart and then followed it with first BS-VI motorcycle in the entry segment- the HF-Deluxe, the company said.

The company is geared-up to transition its entire product range to the new emission norms well before the regulatory deadline and plans to stop all BS-IV production by mid- February, Hero MotoCorp said.

Shares of Hero MotoCorp closed at Rs 2,411.90 per scrip on the BSE, up 1.56 per cent over previous close.