Hero MotoCorp disappointed the Street as it reported a sharp fall in bottomline due to weak sales volume in March quarter. Profit during the quarter ended March 31 declined 24.50 per cent to Rs 730.32 crore, against Rs 967.4 crore in same period last year. Revenue from operations fell by 7.92 per cent to Rs 7,885 crore year-on-year. Hero sold 1.781 million units in January-March quarter 2019, lower from 2 million units sold in corresponding period last financial year.
Hero sold 7.82 million units during the year, higher by 3 per cent over 7.58 million units sold in previous year.
“Ebitda for the year stood at Rs 4,930 crore reflecting 14.7 per cent margin (against 16.4 per cent for the previous year),” the world's largest manufacturer of motorcycles and scooters said in its regulatory filing.
“While the near-term prospect of the domestic two-wheeler market is likely to remain challenging, the festive season however is expected to brighten the sentiment and revive growth in the second half of FY20,” Pawan Munjal, chairman, Hero MotoCorp said.