The two-wheeler major has decided to halt operations temporarily at all of its manufacturing facilities across the country, including its Global Parts Center (GPC), in view of the ongoing escalation in the spread of COVID-19 across the country.
Hero MotoCorp will utilize these shut-down days to carry out necessary maintenance work in the manufacturing plants. The shutdown will not impact the company's ability to meet the demand which has been affected due to localized shut-downs in many states. The production loss will be compensated during the remainder of the quarter. All plants will resume normal operations post this short shutdown period.
Each plant and Global Parts Center (GPC) will remain shut for four days, in a staggered manner between 22 April 2021 to 1 May 2021 basis the local scenario. The company added that all its corporate offices are already in Work from Home (WFH) mode and very limited employees are in offices on rotation basis for continuity of essential services.
The company's consolidated net profit jumped 13.7% to Rs 1,029.17 crore on a 38.9% rise in net sales at Rs 9,827.05 crore in Q3 FY21 over Q3 FY20.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year.
Shares of Hero MotoCorp rose 1.35% to end at Rs 2,824.20 on Tuesday. The market is shut today (21 April 2021) on account of Ram Navami.
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