Hero MotoCorp Gears uo to Launch its Electric Vehicle by March 22

MUMBAI:
Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, today reported its financial performance for the second quarter (July-September 2021) of the FY’ 2022.

Riding on a volume of 14.38 lakh units sold during the quarter, the company’s Revenue from Operations for the quarter stood at Rs.8,453 Crore. EBIDTA margin for the second quarter was at 12.6% and Net profit for the quarter was Rs.794 Crore. Consolidated Revenue for Q2 FY 22 stood at Rs. 8,539 Crore and Net Profit at Rs.748 Crore.

In keeping with its Vision – “Be the Future of Mobility” – Hero MotoCorp is committed to bringing sustainable mobility solutions to its customers and is accelerating its focus on producing electric vehicles (EVs) as an integral part of its product portfolio.

The company’s Electric Vehicle (EV) project is in the advanced stages and the product will be manufactured at its plant in Chittoor, in the southern Indian state of Andhra Pradesh. The plant – aptly called Garden Factory for its eco-friendly and sustainable manufacturing practices – will provide an integrated ecosystem for Battery Pack Manufacturing and Testing, Vehicle Assembly and Vehicle End of Line Testing (EOL).

Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said “Hero MotoCorp expects a build‐up in demand over the coming quarters as the economy continues to show recovery and improvement. Positive economic signs, encouraging farm activities and increased need for personal mobility is likely to restart the momentum in the two‐wheeler industry and we expect positive sentiments both in the rural and semi‐urban markets.

Commodity prices, which have been impacting the industry margins so far, are showing some signs of softening as we move from here. Through accelerated Leap‐II savings program, overheads management, and judicious price increases, we have been able to improve our margins sequentially and expect further recovery moving forward.

In keeping with its strategic vision ‐ Be The Future of Mobility’, Hero MotoCorp is steadily progressing on the path to carbon neutrality and sustainability and is investing in this transformation. The company is taking a comprehensive approach, ranging from research and development to production of green vehicles, which also includes forging strategic collaborations and partnerships”, he added.