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Hero MotoCorp's standalone Q4 net profit down 14 pc
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SME Times News Bureau | 11 May, 2017
Two-wheeler major Hero MotoCorp on Wednesday reported a decline of 13.86
per cent in its standalone net profit for the fourth quarter (Q4) of
2016-17.
According to the company, its net profit during the
quarter under review decreased to Rs 717.75 crore from Rs 833.29 crore
in the corresponding period of 2015-16.
The total income of the
company fell by 7.55 per cent to Rs 7,606.31 crore from Rs 8,227.93
crore during the corresponding quarter of 2015-16.
Further, Hero MotoCorp reported a drop of 5.8 per cent in its sales during Q4 to 16,21,805 units from 17,21,240 units.
"I
am proud to announce that during the fiscal, Hero surpassed the
landmark 70 million units in cumulative sales since its inception," said
Pawan Munjal, Chairman-Managing Director and Chief Executive Officer of
Hero MotoCorp.
"We have planned a CAPEX (capital expenditure) of
around Rs 2,500 crores up to FY19 towards new product development,
digitisation, phase-wise capacity installation and expansion at our
existing facility at Gujarat and our upcoming plants at Andhra Pradesh
and Bangladesh," Munjal was quoted as saying in a statement.
"The
CAPEX also includes investments towards upgradation and modernisation
of plant machinery. With all these initiatives, we will further
consolidate our leadership in FY18, without compromising on the bottom
line and our margins through judicious utilisation of our resources and
rationalisation of costs."
On a full financial year 2016-17
basis, the two-wheeler major reported a 6.86 per cent increase in its
standalone net profit to Rs 3,377.12 crore from Rs 3,160.19 crore in
2015-16.
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