Hero MotoCorp Q3 net profit rises 4% to Rs 711 cr, firm declares interim dividend of Rs 65 per share

Hero MotoCorp on Tuesday reported 4% rise in net profit at Rs 711 crore for the quarter ended December 31, 2022 as against Rs 686 crore in the year-ago period. 

The company's revenue from operations rose 2% to Rs 8,031 crore. 

The company declared interim dividend of Rs 65 per share. On Tuesday, the company's scrip on BSE closed trading 1.3% lower at Rs 2,658.85.

Niranjan Gupta, Chief Financial Officer, Hero MotoCorp, said: “We have started recovering our market shares and expect this journey to continue backed by exciting launches lined up over next few quarters, especially in premium segment. This, coupled with our renewed focus on savings programme should also help in improving our margin profile going forward, we are excited about our EV programme, with Vida being established as premium and aspirational brand. We are planning to roll this out across multiple cities in FY24. Our R&D teams are working on accelerated portfolio expansion as well, in the EV space."

"The Board of Directors at its meeting held today, viz. February 7, 2023, has considered and approved interim dividend @ 3,250% i.e. Rs. 65 per equity share (face value of Rs. 2 per equity share) for the financial year 2022-23," said the company in a stock exchange filing. The Board has fixed February 17, 2023 as record date for determining entitlement of members for the purpose of payment of interim dividend. The payment of interim dividend will be completed by March 9, 2023.