Hero MotoCorp has released its financial statement for the second quarter of the financial year 2019-20, which ended with September 30. Between July and September 2019, the company's profit after tax (PAT) reached ₹ 874.80 crore, a decline of 10.39 per cent, as compared to the company's Q2 profit from last financial year, which stood at ₹ 976.28 crore. The total revenue generated from operations between July-Sept was ₹ 7,570.70 crore, registering de-growth of 16.72 per cent, as against Hero MotoCorp's total revenue of ₹ 9090.94 crore generated during the same months in FY2018-19.
Hero MotoCorp's unaudited consolidated profit for the second quarter of the current financial year stood at ₹ 883.78 crore, a decline of similar 10.42 per cent, as against the company's consolidated profit for the Q2 of last fiscal that stood at ₹ 981.99 crore. The company consolidated revenue at the same time stood at ₹ 7,660.60 crore for this quarter, a decline of 16.4 per cent, as against the ₹ 9,168.24 crore revenue generated during the same period in the previous fiscal year.
Also Read: Hero MotoCorp To Miss 2020 Auto Expo
Hero MotoCorp's performance in the H1 (first half) of FY2019-20 was considerably better, with a consolidated PAT of ₹ 2,140.47 crore, a growth of almost 11 per cent as compared to the ₹ 1,906.73 crore profit achieved for April-Sept period during the last fiscal year. The company's consolidated revenue from operations in the H1 of the current fiscal stood at ₹ 15,846.57 crore, a decline of 12.3 per cent, as compared to the company's total income of ₹ 18,081.51 crore, generated for the H1 of FY2018-19. The growth in profit despite dive in income can be attributed to the deferred tax amount of ₹ 58.01 crore, bringing the total tax down to ₹ 788.64 crore compared to ₹ 910.45 crore paid during the same period last fiscal.
In addition to the financial statement, another major announcement to come out of the Hero MotoCorp board meeting was the dissolution/ closure of its wholly-owned subsidiary, HMCL (NA) Inc., in the United States of America.