New Delhi, November 04, 2022.

Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, today

reported its financial performance for the second quarter (July-September 2022) of the FY’

2023.

The overall Revenue for first half grew by 25.3%, and EBITDA margins have improved

sequentially from 11.2% in Q1 to 11.4% in Q2, reinforcing the focus on both revenue as well as profitability. Our Q2 PAT at Rs.716 Crore, improved sequentially over Q1 of Rs. 625 Crore.

The consolidated Revenue and PAT for the quarter was Rs.9,158 Crore and Rs.682 Crore and for half year Rs.17,606 Crore and Rs. 1,268 Crore respectively.

Mr. Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said “The Indian economy has continued to outperform the global growth supported by its relatively stronger fundamentals, and the return of its strong domestic consumption since the re‐opening of all the sectors post covid. A healthy festive period demand across most categories and specifically in auto sector have demonstrated that the underlying propensity to spend has gone up. The consumer confidence is coming back , which augurs well for growth momentum moving forward.

Our Results reflect our continued financial discipline, focus on cost savings and capital allocation on one hand, while ensuring premiumisation of our portfolio on the other. The X tec Variants which have been launched across all key models have been received by the customers very well. We will continue to build presence in premium segment through multiple launches over next few quarters.

The global macro headwinds may keep the playfield a bit uncertain, and navigating the same over next

few quarters will be important. However, as the commodities cool off, and the rate cycle reaches its peak, the medium term outlook for the Indian auto industry appears quite encouraging.”

VIDA V1 – Powered by Hero – the new age fully-integrated electric vehicle (EV) made its

debut recently with best-in-class specifications, removable battery and connected product.

It will leverage HMCL’s ecosystem and should hold us in good stead as we begin deliveries

later this year. The VIDA V1 is our first EV offering which will be followed by EV products

across segments over the coming years.