Hero MotoCorp has registered a phenomenal 31 per cent growth in net profits in the last financial year. Despite facing stiff competition from its former joint venture partner, Honda, Hero MotoCorp’s commuter motorcycle range and the new scooters seem to have set the cash registers ringing.
The burgeoning sales of Hero MotoCorp seem like a contradiction of the slowdown in the two-wheeler industry in the country. Despite registering a drop in the domestic market share, the company is still maintaining an impressive growth in overall sales numbers. With overall revenue of over Rs 28,599.3 crore, Hero MotoCorp raked in a net profit of Rs 3,132.37 crore in the financial year 2015-16. For the January to March period, the jump in net profits was an even more impressive 71 per cent, with the company drawing in over Rs 814.16 crore.
For the next financial year, Hero MotoCorp continues to maintain an optimistic outlook, with a hope for a good monsoon and a positive market sentiment. Expressing delight about the company’s performance, Pawan Munjal, chairman and MD, Hero MotoCorp said, “In FY16, we made strong progress towards our strategic goals and delivered impressive performance, both in terms of sales and financials in the second half of the year while the industry continues to remain sluggish and sentiments are still subdued.”
