Hero MotoCorp released its financial results for the third quarter of FY 2023. The quarter’s revenue was Rs 8,031 crores, down 11% from Q2’s, and the EBITDA margin was 11.5 percent.
Revenue increased by 17% over the previous nine months, while PAT increased by 11%. For the quarter and the first nine months of the year, the consolidated Revenue and PAT were Rs 8,118 crores and Rs 721 crores, respectively.
The Vida V1 scooter, an electric vehicle, began receiving customer deliveries during the quarter under review. Vida is an emerging mobility brand owned by Hero MotoCorp. The Vida V1, which has three-way charging capabilities and removable batteries, is offered in two variants: the Vida V1 Plus and the Vida V1 Pro.
Chief Financial Officer of Hero MotoCorp Niranjan Gupta stated, “We have begun regaining our market shares and anticipate that this journey will continue, supported by exciting launches scheduled over the upcoming quarters, particularly in the premium segment. We are excited about our EV program because Vida has established itself as a premium and aspirational brand. This, along with our renewed focus on the savings program, should also help in improving our margin profile moving forward.
He added, “We are planning to roll this out across multiple cities in FY 24. Our R&D teams are working on accelerated portfolio expansion as well, in the EV space. The recently presented Union budget, with its focus on increasing capex investment on one hand and disposable income on the other, augurs well for the growth of the economy as well as the auto sector. We expect the two-wheeler industry to clock double-digit revenue growth in FY’ 24.“
