Hero MotoCorp Q2 consolidated net profit down 10% at Rs 883.73 cr

The country's largest two-wheeler maker Hero MotoCorp on Wednesday reported a 10 per cent decline in consolidated net profit at Rs 883.78 crore in the September ended quarter.

The company had posted a consolidated net profit of Rs 981.99 crore in the same quarter last fiscal, Hero MotoCorp said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 7,660.60 crore as compared to Rs 9,168.24 crore in the year-ago period, a decline of 16.44 per cent.

During the second quarter, the company said it sold 16,91,420 units as against 21,34,051 units in the same period last year, down 20.7 per cent.

In the quarter ended September 30, the group had introduced a voluntary retirement scheme (VRS) and the company has considered a provision of Rs 60.11 crore for employees who have accepted to be part of VRS as exceptional item in the consolidated financial results.

Hero MotoCorp Head - Sales, Aftersales and Parts, Sanjay Bhan said the company has aggressively pursued first time buyers, who are the growth drivers through various innovative financing options both in terms of affordability and convenience.

"This has helped us to expand our customer base during the ongoing festive season," he added.

He further said: "We are also gearing up for the market launch of our first BS-VJ motorcycle soon after the festive season, which will mark the commencement of the sequential transition to our BS-VI range over the next few months.