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Hero MotoCorp share falls 2% after Q1 profit crashes 95%

Share price of Hero MotoCorp touched an intraday low of Rs 2,757, falling 1.95% on BSE against the last closing value of Rs 2,811 on BSE

twitter-logoBusinessToday.In | September 2, 2020 | Updated 11:33 IST
Hero MotoCorp share falls 2% after Q1 profit crashes 95%
Hero MotoCorp share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has fallen after 3 days of consecutive gain

Hero MotoCorp share price slipped in early trade today after the firm reported a 95% crash in Q1 net profit.  Share price of Hero MotoCorp touched an intraday low of Rs 2,757, falling 1.95% on BSE against the last closing value of Rs 2,811.

Hero MotoCorp share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has fallen after 3 days of consecutive gain.

Total 0.32 lakh shares changed hands amounting to turnover of Rs 8.79 crore on BSE.

The share has gained 5.62% in one year and risen 13.88% since the beginning of this year. Market capitalisation of the firm stood at Rs 55,761 crore as of today's session.

Hero MotoCorp reported a 95.12 per cent crash in its standalone net profit in Q1 against Rs 1,257.34 crore in the same quarter a year ago. The two-wheeler maker's revenue from operations fell 63 per cent to Rs 2,971.54 crore from 8,030.27 crore in the corresponding period of last fiscal.

Hero MotoCorp sales fall 4% in July, surpass 5 lakh units

The company reported earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 108 crore in Q1FY21 as against Rs 1,158.1 crore in Q1FY20. EBITDA margin dropped to 3.6 per cent in the given quarter from Rs 14.4 per cent in Q1 of fiscal 2019-20.

"Delivering a positive bottom line, despite only 25 per cent capacity utilisation, reflects the resilience of the portfolio and ability to optimise costs and improve productivity," Hero MotoCorp said.

"Hero MotoCorp was quick to begin work on cost control and efficiencies that enabled us to limit the impact of the unprecedented times during the first quarter of the financial year," said company CFO Niranjan Gupta.

Hero MotoCorp Q1 results: Profit falls 95% to Rs 61 crore; revenue down 63%

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