Shares of Hero MotoCorp bounced back on Friday after a two-day losing streak as the company posted its results for the quarter ended June.
What Happened: The automobile major’s profits for the quarter went up 32% to ₹824.7 crore from ₹624.5 crore in the same quarter last year. The auto giant’s revenue from operations for the quarter came in at ₹8,767.3 crore, up 4% from the year-ago period.
EBITDA for the April-June period was at ₹1,206.2 crore with an EBITDA margin of 28%. Earnings per share for the quarter came in at ₹41.27.
Talking about the outlook going forward the company’s CEO said, “The key economic indicators are trending in the positive direction, and a normal monsoon augurs well for demand, as we will soon enter the festive season. Reduced inflationary pressures moving forward, should result in more spending power in the hands of consumers. Overall, we see a positive scenario on the demand side, especially for the second half of this year and onwards.”
Price Action: Hero MotoCorp’s share price was up 1.05% to trade at ₹3,067.80 at market open on Friday.
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