Mumbai, Oct 23 (IANS) Two-wheeler major Hero MotoCorp on Wednesday reported a net profit of Rs 874.80 crore on a standalone basis for the quarter ended September 30, 2019.
The company also reported an exceptional item worth Rs 60.11 crore for the VRS that it has introduced in its standalone financial results.
Consequently, the profit after tax (PAT) for the quarter under consideration fell to Rs 874.80 crore, from Rs 976.28 crore reported for the corresponding period of the previous fiscal.
The company’s revenue from operations for the quarter fell to Rs 7,570.70 crore, from Rs 9,090.94 crore for the quarter ended September 30, 2018.
On a consolidated basis, the company’s net profit in the second quarter fell to Rs 883.78 crore from Rs 981.99 crore reported for the corresponding quarter of last fiscal.
Consolidated revenues from operations decreased to Rs 7,660.60 crore for the quarter ended September 30, from Rs 9,168.24 crore in the second quarter of 2018-19.
“Our retail sales during the ongoing festive season have been quite steady so far, thanks to the new motorcycles and scooters that we have launched recently, and our slew of innovative schemes for customers,” said Niranjan Gupta, Chief Financial Officer, Hero MotoCorp.
“We hope to keep the momentum during the upcoming Dhanteras and Diwali festivals.”