Hero MotoCorp's Q2FY21 net profit rises by 9%
Thursday - October 29, 2020 12:03 am , Category : BUSINESS
Mumbai, Oct 28 (IANS) 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.