New Delhi: Hero MotoCorp, the country's leading two-wheeler manufacturer, announced an 18 percent surge in net profit to Rs 1,016.05 crore for the fourth quarter ending March 31, 2024. 

This figure closely aligns with street expectations, attributed primarily to growth in volumes and the average selling price of products. Hero MotoCorp's shares exhibited robust momentum for the second consecutive session on Thursday, May 9, bolstered by the company's impressive performance in the March quarter (Q4). Opening at Rs 4631.90, a marginal uptick from its previous close of Rs 4624.35, the share price swiftly ascended by 6.4 percent to reach ₹4,919.85 on the BSE. 

By 10:15 am, Hero MotoCorp's share price had surged by 5.59 per cent, trading at Rs 4,883 apiece. Meanwhile, the equity benchmark Sensex experienced a modest decline of half a percent, settling at 73,107 during the same period.

The company said that 13.92 lakh units of motorcycles and scooters were sold in Q4FY24, compared to 12.70 lakh units in Q4FY23. The total units sold for the entire financial year 2024 reached 56.21 lakh, up from 53.29 lakh units in FY23. The stock closed 3.3 percent higher after the Q4 result announcement on Wednesday.

Earlier this year, the Delhi-headquartered company launched its latest bike, Mavrick 440, which is powered by the same engine as the Harley-Davidson X440. The vehicle is priced at Rs 1.99 lakh, Rs 2.14 lakh, and Rs 2.24 lakh for the base, mid and top variants respectively.

ALSO READ: Paytm UPI transactions decline 9 percent in April