![\"\"](\"https:\/\/static.toiimg.com\/thumb\/msid-77531267,imgsize-240540,width-400,resizemode-4\/77531267.jpg\" "\\"(Representative")
<\/div>\n<\/div>\n<\/section>\n(Representative image)<\/span><\/p>\n NEW DELHI: Hit hard by corona slowdown and decline in sales, Hero MotoCorp reported a 95% decline in net profit for the first quarter of 2020-21 at Rs 61 crore against Rs 1,257 crore in the same period last year.
The country\u2019s largest two-wheeler maker said that revenue from operations was down 63% at Rs 2,972 crore against Rs 8,030 crore in the first quarter of 2019-20.
\u201cThe financial results are not comparable with corresponding quarter and not a reflection of underlying performance, as the quarter was impacted by lockdown for most parts of the three months\u2019 period,\u201d the company said.
Niranjan Gupta, Chief Financial Officer of Hero MotoCorp, said that the Covid-19 period has been an \u201cunprecedented challenge\u201d for the automotive industry, as indeed for several other sectors and economies around the world.
\u201cHero MotoCorp was quick to begin work on cost control and efficiencies that enabled us to limit the impact of the unprecedented times during the first quarter. Cash conservation efforts and rationalization of expenses, along with productivity enhancement measures, have helped us pass through the uncertain period,\u201d he said.
The company said that it is now entering a phase of \u201crapid recovery\u201d and return of demand. \u201cWe are already seeing green shoots, and expect them to sustain and get stronger as we move towards the festive season,\u201d Gupta added.
The company cited July sales in support of its revival theory, saying the sales volume in the month was more than 95% of what it had achieved in the pre-covid sales. \u201c\u2026 and we do see positive trend moving forward.\u201d <\/p>\n<\/div>\n