The company management remained confident in the medium term. The management told analysts that they expect to see sequential revenue improve on the back of multiple product launches. The two-wheeler maker also highlighted that the company reported its all-time high quarterly revenue in the spare parts business at Rs 1,259 crore.
Hero Motocorp shares dropped by nearly 2 percent as investors remained unenthused with the two-wheeler manufacturer’s December quarter earnings. The company’s shares tumbled below previous closing to Rs 2,592 apiece on BSE in the morning trade and were the biggest loser among the NIFTY50.
The stock’s price has dipped below its 3-month low of Rs 2,611.60 reached on December 26,2022. However the shares recovered some losses and were trading at Rs 2,607.40 apiece on BSE at 1:20 pm.
The company reported a 6.3 percent year-on-year (YoY) increase in net profit at Rs 711.1 crore for the third quarter, compared to a net profit of Rs 686 crore in the corresponding quarter for the previous financial year. A CNBC-TV18 analyst poll had pegged the company's profits at Rs 667 crore for the third quarter.