NEW DELHI: Profits of India’s largest two-wheeler maker Hero MotoCorp slumped 3.4 per cent to Rs 976 crore in the September quarter of 2018-19 financial year, as against the profit of Rs 1,010 crore it reported in the same period a year ago.
Hero’s revenue from operations jumped 8.6 per cent for the quarter under review and stood at Rs 9,091 crore as against Rs 8,372 crore in the same period previous fiscal. Hero also achieved its best-ever sales performance for the second quarter, selling over 2.1 million units of two-wheelers in the three-month period, up 5.5 per cent on a yearly basis.
“Hero MotoCorp, backed by sustained demand for its popular range of motorcycles and scooters, continued its sales growth in Q2FY19 compared to the corresponding quarter in the previous fiscal,” said Pawan Munjal, chairman, managing director and chief executive officer.
He further said that Hero expects to carry the momentum forward during the rest of the year, and navigate through the cost challenges to deliver profitable and sustained growth.
EBTIDA for the quarter stood at Rs 1,379 crore, reflecting 15.2 per cent margin, which is lower than its Q1FY19 margin of 15.6 per cent. Hero’s total expenses in the quarter rose to Rs 7,866.15 crore from Rs 7,053.63 crore on yearly basis.
Hero’s board has recommended a final dividend of Rs 40 per equity share (face value of Rs 2 per share) for the financial year ended March 31, 2018.]
High provisions push up Federal Bank Q2 net
Mumbai: South-based Federal Bank on Tuesday reported a marginal, 0.88 per cent increase in September quarter net to I266 crore, restricted by increase in provisions as dud assets increased. The bank had posted a post tax net of I263.70 crore in the year-ago period. It, however, said that there has not been any adverse impact of the Kerala floods beyond the already assumed one. Its provisions rose 63.38 per cent to I288.82 crore for the reporting period, which was one of the primary reasons restricting profit growth.