Hero MotoCorp experienced a slight setback on November 2 as its share price dipped by almost 1.5% in the trading session, following the release of robust financial results for the quarter ending September 2023.
Around 12:01 pm, Hero Motocorp was valued at ₹3,046.95, reflecting a decrease of 1.44% on the BSE.
During Q2FY24 (July-September), the company witnessed a remarkable 47% surge in its net profit, reaching Rs 1,054 crore compared to Rs 716 crore in the corresponding period last year. This exceeded market expectations; analysts had projected a 33% year-on-year growth, estimating profits to reach Rs 955 crore in Q2FY24, in contrast to Rs 716 crore in Q2FY23, as per predictions from five different brokerage firms.
Despite this impressive profit jump, the revenue from operations saw a moderate increase of 4.1%, totaling Rs 9,445.42 crore in the quarter under review, compared to Rs 9,075 crore in the same period of the previous fiscal year.
