Hero MotoCorp has reported a decline of 12.61 per cent in profits in the third quarter of the financial year 2020. Its profit after tax (PAT) stood at Rs. 769.10 crores in the October-December period as compared to Rs. 880.41 crores which it posted for the same period a year ago. Company's total income in the same period stood at Rs. 8052.46 crores against Rs. 7178.94 crores in the same period last year, a drop of 10.85 per cent. Adding up to decline in Q3 profits, Hero MotoCorp's total expense went up by 12.11 per cent at Rs. 6914.04 crores as compared to Rs. 6167.41 crores in the same period a year ago.
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Speaking about the results, Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp said, "The two-wheeler industry continues to face challenges amid an overall economic slowdown. Early indicators, such as a positive Rabi crop, augur well for the rural economy, which in turn is likely to help the industry. The slew of measures announced by the finance minister as part of Budget would also go a long way in reviving the economy. However, it will take some time for the two-wheeler industry to see a sustained recovery. We expects to see a positive turnaround in the second half of the new fiscal (FY2021)."
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Hero Motorcorp's consolidated PAT in the first nine months stood at Rs. 2654.55 crores as compared to Rs. 3012.55 crores which is a slump of 13.48 per cent. The net income in the same period was Rs. 26,292.61 crores as compared to Rs. 23,206.57 crores, down by 13.29 per cent. Company's total expense in the first three quarters reduced by 10.74 per cent at Rs. 19,960 crores as compared to Rs. 22,363 crores in the same period last year.
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