Hero MotoCorp posts strongest quarterly sales, Munjal appointed as VC

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Added in: Hero MotoCorp

Hero Motocorp Leap and Dash scooters

Indian two wheeler manufacturers have reported positive sales figures for the April to June quarter of this financial year. The latest to report profit numbers is Hero MotoCorp which posted highest ever sales figure of 17,15,254 units for the first quarter of this financial year (April-June 2014).

The company clocked a total turnover figure for the quarter of Rs 7,036.84 crore as oppose to Rs 6,159.52 for the same quarter last year. The EBIDTA figure came to 13.46 percent. The profit after tax figure stood at Rs 562.76 crore as oppose to Rs 548.58 crore for the same period last year and Rs 554.43 crore for the previous quarter (January-March 2014). Company has announced an interim dividend of Rs. 30 per share which will result in total outgo of Rs. 700.87 crores inclusive of dividend distribution tax.

The company also announced the appointment of Managing Director & Chief Executive Officer, Pawan Munjal as the newly-created position of Vice Chairman of the company. With the consent of the Board of Directors of Hero MotoCorp, Munjal will now hold the position of Vice-Chairman and Managing Director.

Hero Motocorp HX250R motorcycle images (5)

Expressing his views on the appointment of Pawan Munjal as the new Vice-Chairman and Managing Director, Dr. Brijmohan Lall, Chairman of Hero MotoCorp said, “The Board is delighted to elevate Pawan to the position of Vice Chairman. This is an acknowledgement of his inspiring leadership and progressive vision which has helped Hero MotoCorp strengthen its No. 1 position in a highly competitive and volatile market. Undoubtedly, there are challenging times ahead and yet, under the leadership of Pawan, the future looks promising as well as exciting. It is, therefore, the right time to strengthen the hands of Pawan as he leads Hero MotoCorp to a new era of innovation and technological excellence.”

Speaking on the occasion, Pawan Munjal said, “I am grateful to the members of the Board and all stake holders of the company in reposing their faith and confidence in me with a larger responsibility. I take this as an acknowledgement of all the good work that we have done as a team in building on our leadership over the past several years. As we embrace new technologies and expand our global footprint across continents, the journey ahead is going to be far more exciting.”

Stay tuned into Motoroids for more updates from the world of auto.

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