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Hero MotoCorp's Q2FY21 net profit rises by 9%
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SME Times News Bureau | 29 Oct, 2020
Two-wheeler major Hero MotoCorp on Wednesday reported a rise of 9 per cent in its net profit on a standalone basis for Q2FY21.
The
profit after tax (PAT) for the quarter under consideration rose to Rs
953 crore, from Rs 875 crore reported for the corresponding period of
the previous fiscal.
Besides, the company's revenue from operations for the quarter rose to Rs 9,367 crore from Rs 7,571 crore earned during Q2FY20.
According
to the company, the key earnings reflect a healthy performance based on
improving economy and strong product line-up, combined with
rationalisation of expenses and extensive cash-preservation measures.
"The
earnings in the second quarter of FY21 reflects a strong performance,
signalling a gradual revival from the negative impact of the global
pandemic," said Niranjan Gupta, Chief Financial Officer (CFO), Hero
MotoCorp.
"The recovery in demand to pre-Covid levels, credible
resumption of supply chain and logistics, cost and cash management,
along with judicious price increase, has helped deliver profitability."
"The
challenging economic environment is headed for a recovery on the back
of various initiatives by the government, especially those directed
towards rural and semi-urban regions of the country," he added.
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