Shares of Hero MotoCorp opened in the green but later were trading 1% below on 2 November despite the company posting strong numbers for the July-September quarter.

India’s leading motorcycle company posted a 47% year-on-year (YoY) increase in its net profit at Rs 1,054 crore during the quarter from Rs 716 crore reported in the year-ago quarter.

The revenue from operations of the company was at Rs 9,445.42 crore for the quarter, which is a 4.1% YoY increase from Rs 9,075 crore reported in the same quarter of the previous fiscal year.

The company’s EBITDA (earnings before interest, depreciation, taxes and amortisation) was at Rs 1,328.3 crore for the quarter, marking a 27.9% increase from Rs 1,038 crore reported in the same quarter of FY23.

The company also reported strong sales numbers for the month of October, marking a 26.5% YoY increase in total sales at 5,74,930 units against 4,54,582 units registered in the same month last year.

On the domestic front, the company witnessed a 26.4% YoY to 5,59,766 units, whereas on the export front, the company witnessed a significant increase of 29% at 15,164 units during the month of October 2023.

In its regulatory filing, the company said that it expects the demand to remain optimistic on the back of recent product launches in the premium segment and the ongoing festive season.

At 1:24 pm, the shares of Hero MotoCorp were trading 1.33% below at Rs 3,051.45 on NSE.