(Representative picture)
NEW DELHI: Hit exhausting by corona slowdown and decline in gross sales, Hero MotoCorp reported a 95% decline in net revenue for the primary quarter of 2020-21 at Rs 61 crore in opposition to Rs 1,257 crore in the identical interval final 12 months.
The nation’s largest two-wheeler maker stated that income from operations was down 63% at Rs 2,972 crore in opposition to Rs 8,030 crore within the first quarter of 2019-20.
“The financial results are not comparable with corresponding quarter and not a reflection of underlying performance, as the quarter was impacted by lockdown for most parts of the three months’ period,” the corporate stated.
Niranjan Gupta, Chief Financial Officer of Hero MotoCorp, stated that the Covid-19 interval has been an “unprecedented challenge” for the automotive business, as certainly for a number of different sectors and economies around the globe.
“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. Cash conservation efforts and rationalization of expenses, along with productivity enhancement measures, have helped us pass through the uncertain period,” he stated.
The firm stated that it’s now getting into a section of “rapid recovery” and return of demand. “We are already seeing green shoots, and expect them to sustain and get stronger as we move towards the festive season,” Gupta added.
The firm cited July gross sales in assist of its revival concept, saying the gross sales quantity within the month was greater than 95% of what it had achieved within the pre-covid gross sales. “… and we do see positive trend moving forward.”