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Hero MotoCorp Q4 net profit down 3.4% at Rs554.43 crore

LiveMint logoLiveMint 28-05-2014 PTI

New Delhi: Hero MotoCorp Ltd, the country’s largest two-wheeler maker, on Wednesday reported 3.44% decline in its standalone net profit for the fourth quarter ended 31 March 2014 at Rs554.43 crore. The company had reported a standalone net profit of Rs574.23 crore in the same quarter of previous fiscal.

Net sales during the period under review stood at Rs6,455.7 crore as against Rs6,072.47 crore in the same quarter previous fiscal, up 6.31%.

Unit volume sales were at 15,89,462 units, up from 15,27,351 units in the year-ago period. For the fiscal ended 31 March 2014, Hero MotoCorp said its net profit was at Rs2.109.08 crore down marginally from Rs2,118.16 crore in the previous fiscal.

For FY14, net sales were at Rs25,124.91 crore as against Rs23,582.74 crore in the previous year. Unit volume sales were up 62,45,960 units as against 60,75,583 units in the previous fiscal.

Commenting on the results, Hero MotoCorp managing director and chief executive officer (CEO) Pawan Munjal said: “The industry continued to witness tepid growth in FY14, although the sentiments did improve in the second half of the year, starting with the festival season in October.”

He further said that the “numbers are reflective of our new strategic approach focused on bringing path-breaking technologies and consolidating our leadership.”

“FY14 was all about setting new benchmarks, which culminated with the sales of 6.25 million during the year, our highest-ever sales for any financial year,” Munjal said.

Commenting on the outlook, he said: “The country has just entered a new era of governance. After three long decades, a single political party has come to power with such a huge majority, and it is clearly a mandate for good governance, development and inclusive growth. With the new government expected to speed up the reforms process and improve the investment climate, we look forward to a revival of the economy and the industry this year.”

Although the company’s financial performance was announced much after the market hours, Hero MotoCorp shares had ended the day at Rs2,350.30 apiece, up 2.08% from the previous close on the BSE. PTI

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