Hero MotoCorp's Q1 net profit up 33 percent

Two wheeler major Hero MotoCorp on Monday reported a rise of 33.33 percent in its net profit for the first quarter (Q1) of the current fiscal.

According to the company, its net profit in the quarter ended June 30, 2015 stood at Rs.750.34 crore from Rs.562.76 crore in the like period of last fiscal.

"We have lined up a slew of new launches including scooters and motorcycles as we move into the festive season," said Pawan Munjal, chairman, chief executive and managing director of Hero MotoCorp.

"We expect the industry to move in an upward trend in the coming quarters although a lot will depend on multiple factors, including good monsoon, rural income and overall market sentiments."

However, the company's total sales during the quarter under review fell by 4.04 percent at 1,645,867 units from an off-take of 1,715,254 units sold during the first quarter of 2014-15.

The company's total turnover which includes net sales and other operating income during the quarter under review marginally fell by 1.15 percent.

The total turnover during the first quarter of 2015-16 stood at Rs.6,955.26 crore from Rs.7,036.84 crore earned during the corresponding period of last year.

The company further reported that its profits before tax stood at Rs.1,046.28 crore during the Q1. The EBIDTA (earnings before interest, taxes, depreciation and amortization) margin for the quarter under review was pegged at 15.07 percent.

The company's scrip at the Bombay Stock Exchange (BSE) closed on Monday with gains of 0.87 percent or 23.40 points at Rs.2,697.85 from its previous close of Rs.2,674.45 per equity share.