Hero MotoCorp's standalone Q3FY22 net profit down 36.71%

Mumbai, Feb 10 (IANS) Two-wheeler major Hero MotoCorp on Thursday reported a fall of 36.71 per cent in its Q3FY22 standalone net profit on a year-on-year basis.

The company's standalone net profit during the period under review fell to Rs 686 crore from Rs 1,084 crore reported for Q3FY21.

Besides, the company's consolidated PAT for the quarter decreased to Rs 704 crore from Rs 1,708 crore during the corresponding period of FY21.

Furthermore, the company's board declared an interim dividend of Rs 60 per share amounting to 3,000 per cent.

Hero MotoCorp Chief Financial Officer Niranjan Gupta said: "The current fiscal has seen the domestic two-wheeler industry impacted by twin challenge of softer demand due to pandemic and margin squeeze due to sharp commodity cost inflation. Our continued focus on savings programmes combined with judicious price increases have helped cushion the impact on customers as well as margins."

"With rapid easing of 3rd wave, and full re-opening of all the sectors of the economy in coming weeks, including the hospitality sector, education sector etc., we expect a much broader economic recovery and increase in consumer confidence."

He added that the recently announced Union Budget, with its focus on growth through increased capital expenditure, as well as continued support to rural and MSME sector augurs well for FY '23 demand scenario in general and two-wheeler industry in particular.