it Hero

November 14, 2024

Asst. Vice President, Listing Deptt., The Secretary,

National Stock Exchange of India Ltd. BSE Limited
Exchange Plaza, Plot C-1, Block G, 25th Floor,
Bandra Kurla Complex, Phiroze Jeejeebhoy Towers,
Bandra (E), Dalal Street,
Mumbai - 400 051 Mumbai - 400 001
Scrip Code: HEROMOTOCO Scrip Code: 500182

Sub: Compliances under SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015
Re: Outcome of Board Meeting held on November 14, 2024

Dear Sir(s),

The Board of Directors at its meeting held today has approved the unaudited standalone and
consolidated financial results for the quarter and half year ended September 30, 2024. A copy
of the said results along with the limited review report, is enclosed.

A press release issued in this regard, is also enclosed.

The meeting of the Board of Directors commenced at 3:00 p.m. and concluded at 7:05 p.m.

Kindly take the aforesaid information on your records.

Thanking you,

For Hero MotoCorp Limited

DHIRAJ
Digitally signed by: DHIRAJ
KAPOOR
DN: CN = DHIRAJ KAPOOR email =

KAPOOR
[email protected]
C = IN O = Personal
Date: 2024.11.14 19:11:02 +05'30'

Dhiraj Kapoor
Company Secretary & Compliance Officer

Encl.: As above

Hero MotoCorp Ltd. • Hero

Regd. Office: The Grand Plaza, Plot No. 2, Nelson Mandela Road,
Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11-46044220, Fax +91-11-46044399
i00
MILLION
Email: [email protected]
www.heromotocorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 Chartered Accountants
Deloitte 7th Floor Building 10
Tower B
Haskins & Sells LLP DLF Cyber City Complex
DLF City Phase II
Gurugram-122 002
Haryana, India

Tel: +91 124 679 2000

Fax: +91 124 679 2012

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF HERO MOTOCORP LIMITED

L We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Hero MotoCorp Limited ("the
Company"), for the quarter and half year ended September 30, 2024 ("the Statement"), being submitted by the Company
pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
as amended.

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors,
has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard
34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules
issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on
the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of
Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered
Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's
personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of
the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that
the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the
aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the
information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. We draw attention to note 10 in respect of disallowances by the Income Tax authorities of deductions from taxable income in
prior periods of certain expenses incurred in those periods. The Company has appealed to the Commissioner of Income Tax-
Appeals against these disallowances. The Company based on available information, underlying evidence supporting these
disallowed expenses, and supplemented by external legal advice has not made any provision for this demand because it is
probable that the Company's position will be accepted upon ultimate resolution.

Additionally, as also described in note 10, the Company and its Chairman are under investigation by certain other Government
agencies. Pending resolution of these investigations as at the date of this report, there is uncertainty on the ultimate outcome
of these investigations. Based on available information and facts as on the date of approval of these financial results, the
Company has not identified any adjustment, disclosure or any other effect on these financial results.

Our conclusion on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm's Registration No. 117366W/W-10001

skins
\cr
a)/ ti' y Agarwal
•-• Chartered — Partner
• - Ac j•
.•••• (Membership No. 094468)
ountants
6'\/ UDIN: vioc-ol6se kCbDU.2-Z CS
Place: New Delhi
Date: November 14, 2024

Regd. Office: One International Center, Tower 3, 32nd floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India.
Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
 it Hero
HERO MOTOCORP LIMITED
Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30. 2024
(Rupees in crate unless otherwise stated
Quarter ended Half year ended Year ended
September June 30, September September September March 31.
Particulars 30, 2023
30, 2024 2024 30, 2023 30, 2024 2024
Un-audited Un-audited Un-audited Un-audited Un-audited Audited
1 No. of Two wheelers sold (In Lakhs) 15.20 15.35 14.16 30.55 27.69 56.21
2 Income
(a) Revenue from operations 10,463.21 10,143.73 9,445.42 20,606.94 18,212.69 37,455.72
(b) Other income 283.00 231.71 248.30 514.71 470.47 892.55
Total income 10,746.21 10,375.44 9,693.72 21,121.65 18,683.16 38,348.27

3 Expenses
[al Cost of raw materials consumed 6,916.54 6,618.52 6,480.81 13,535.06 12,516.09 24,767.46
[bl Purchase of stock in trade 145.81 121.55 5.08 267.36 14.84 484.20
[c] Changes in inventories of finished goods,
(82.87) 127.09 (7.92) 44.22 27.95 179.1 1
stock-in-trade and work-in-progress
[dl Employee benefit expense 653.52 608.32 576.77 1,261.84 1,156.93 2,402.34
fel Finance costs 4.93 4.81 4.76 9.74 9.42 18.50
[f] Depreciation and amortisation expense 193.69 193.20 174.88 386.89 343.85 71 1 .41
[g] Other expenses 1,314.32 1,208.50 1,062.39 2,522.82 1,962.34 4,366.90
Total expenses 9,145.94 8,881.99 8,296.77 18,027.93 16,031.42 32,929.92

4 Profit before exceptional item and tax (2-3) 1,600.27 1,493.45 1,396.95 3,093.72 2,651.74 5,418.35
5 Exceptional item
Expense towards VRS (refer note 6) - - - - 159.99 159.99

6 Profit before tax (4-5) 1,600.27 1,493.45 1,396.95 3,093.72 2,491.75 5,258.36
7 Tax expense
Current tax 368.69 343.79 326.51 712.48 576.34 1,260.95
Deferred tax charge/(credit) 28.04 27.03 16.63 55.07 36.88 29.45
Total tax expense 396.73 370.82 343.14 767.55 613.22 1,290.40

8 Profit after tax (6-7) 1,203.54 1,122.63 1,053.81 2,326.17 1,878.53 3,967.96

9 Other comprehensive income /(loss)

Items that will not be reclassified subsequently
to profit or loss:-
Re-measurement losses on defined benefit
(3.43) (3.45) (3.28) (6.88) (6.57) (29.87)
plans
Income tax effect 0.86 0.87 0.82 1.73 1 .65 7.52
Net other comprehensive income not to be
(2.57) (2.58) (2.46) (5.15) (4.92) (22.35)
reclassified to profit or loss
Total comprehensive income, net of income
10 1,20037 1,120.05 1,051.35 2,321.02 1,873.61 3,945.61
tax (8+9)

11 Paid-up equity share capital 40.00 39.99 39.97 40.00 39.97 39.98
Face value of the share (In Rupees) 2.00 2.00 2.00 2.00 2.00 2.00

12 Other equity 17,946.20

Earnings per equity share on profit after tax

13
(face value Rs. 2/- each) [In Rupees]*
Basic 60.18 56.15 52.72 1 16.33 93.99 198.53
Diluted 60.06 56.04 52.61 1 16.10 93.84 198.18
* Basic and Diluted earnings per share (EPS) for all periods except year ended March 31, 2024 are not annualised.

0 Hero MotoCorp Ltd.

Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11- 46044100, 46044220, Fax +91-11- 46044399
HeroMotoCorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 ut Hero
1. Statement of Standalone Assets and Liabilities
Rupees in crore unless otherwise stated
As at September As at March
Particulars 30, 2024 31, 2024
Un-audited Audited
ASSETS
1 Non-current assets
(a) Property, plant and equipment 4,907.16 4,933.87
lb) Capital work-in-progress 133.13 120.58
(c) Right of use of assets 380.96 371.61
(d) Other intangible assets 494.93 528.55
(e) Intangible assets under development 447.92 359.93
(f) Financial assets
(i) Investments 8,338.94 8,811.58
(ii) Loans 22.16 21.15
(iii) Others 129.13 188.87
(g) Income tax assets (net) 147.24 312.49
(h) Other non-current assets 1 16.34 126.90
Total non-current assets 15,117.91 15,775.53
2 Current assets
(a) Inventories 1,556.33 1,443.76
(b) Financial assets
(i) Investments 7,186.16 4,274.52
(ii) Trade receivables 4,215.18 2,703.44
(iii) Cash and cash equivalents 177.73 539.89
(iv) Bank balances other than (iii) above 60.93 69.04
(v) Loans 24.89 24.56
(vi) Others 103.77 283.51
(c) Other current assets 524.21 457.30
Total current assets 13,849.20 9,796.02

Total assets 28,967.11 25,571.55

EQUITY AND LIABILITIES
1 Equity
(a) Equity share capital 40.00 39.98
(b) Other equity 19,485.76 17,946.20
Total equity 19,525.76 17,986.18
Liabilities
2 Non-current liabilities
(a) Financial liabilities
(i) Lease liability 1 15.39 11 1.50
(ii) Other financial liabilities 181.20 178.13
(b) Provisions 423.18 316.66
(c) Deferred tax liabilities (net) 489.89 434.82
Total non-current liabilities 1,209.66 1,041.11
3 Current liabilities
(a) Financial liabilities
(i) Lease liability 33.17 26.08
(ii) Trade payables
Total outstanding dues of micro and small enterprises 106.53 15.79
Total outstanding dues of creditors other than 7,014.90 5,512.36
micro and small enterprises
(iii) Other financial liabilities 216.21 250.29
(b) Other current liabilities 679.17 585.60
(c) Provisions 181.71 154.14
Total current liabilities 8,231.69 6,544.26

Total equity and liabilities 28,967.11 25,571.55

Hero MotoCorp Ltd.

Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj Phase - II, New Delhi - 110070, India
Tel. +91-11- 46044100, 46044220, Fax +91-11- 46044399
HeroMotoCorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 ut Hero
2, Standalone Cash Flow Statement
Rupees in crone unless otherwise slated)
Half year ended Hall year ended
Particulars
September 30. 2024 September 30. 2023
Un-audited Un-audIted
A. CASH FLOW FROM OPERATING ACTIVITIES
Front after tax 2,326.17 1,878.53
Adjustments for:
Add: Depreciation and amortisation 386.89 343.85
Tax expense 767.55 613.22
Loss on property, plant and equipment sold/discarded 1.47 1.90
Finance cost 9.74 9.42
Employee Stock Compensation Cost 14.34 10.11
Loss allowance on trade receivables 6.31 17.71
1,186.30 996.21
Less: Interest income on financial assets carried at amortised cost 157.57 152.85
Dividend income 73.75 59.35
Profit on sale of investments 71,15 54.23
Gain on investments carried at fair value through profit or loss 210.08 197,22
Profit on sale of property, plant and equipment 0.47 0.50
513.02 464.15

Operating profit before working capital changes 2,999.45 2,410.59

Chanaes in working capital
Adjustment for (Increase)/decrease In operating assets:
Inventories (112.57) (276.64)
Trade receivables (1,518.05) (1,495.35)
Loans-Current (0.33) 1.16
Loans-Non-Current (1.01) 1.33
Other financial assets 239.48 (121.71)
Other current assets (66.91) (72.29)
Other non-current assets 0.44 7.06
(1,458.95) (1,956.44)
Adjustment for Increase/(decrease) In operating liabilities:
Trade payables 1,593.28 1,157.30
Other financial liabilities-Current 8.31 3.01
Other current liabilities 93.57 (3.37)
Current provisions 27.57 2.65
Non-current provisions 99.64 20.32
1,822.37 1,179.91
Cash generated from operations 3,362.87 1,634.06
Less: Direct tax paid (net of refund) 545.50 548.54
Net cash generated from operating activities 2,817 37 1,085.52

B. CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure on property, plant and equipment and intangible (434.69) (310.75)
assets, capital work in progress and intangible assets under
development including capital advances
Proceeds from sale of property, plant & equipment 2.87 2.51
Deposits (made)/ withdrawn 101.44
Sale of investments other than associates/ subsidiaries 25,253.31 21,659.20
Purchase of investments other than associates/ subsidiaries (27,287.25) (21.369.78)
Investment in associates (123.83) (500.00)
Investment in subsidiaries - (22.50)
Interest income on financial assets carried at amortised cost 157.57 152.85
Dividend income 73.75 59.35
Net cash (used)/generated in Investing activities (2,358.27) (227.68)

C. CASH FLOW FROM FINANCING ACTIVITIES

Interest paid (9.74) (9.42)
Repayment of lease liabilities (15.73) (12.04)
Dividends paid (799.72) (699.45)
Proceeds from issue of equity share capital (including share premium) 3.93 2.62
Net cash (used) In flnancIng activities (821.26) (718.29)

D. INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) (362.16) 139.55

Cash and cash equivalents at the beginning of the year 539.89 168.37
Cash and cash equivalents at the end of the year 177.73 307.92

0
Hero MotoCorp Ltd.
Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11- 46044100, 46044220, Fax +91-11- 46044399
HeroMotoCorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 It Hero
3 The above unaudited standalone financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) notified
under Section 133 of Companies Act, 2013, read together with the Companies (Indian Accounting Standard) Rules, 2015 (as amended).

4 The above unaudited standalone financial results for the quarter and half year ended September 30, 2024 have been reviewed and
recommended by the Audit Committee and approved by the Board of Directors in their meetings held on November 13 and November
14, 2024 respectively.

5 On May 08, 2024, the Board of Directors had considered and approved final dividend @ 2000% i.e. Rs.40 per equity share (face value of
Rs.2 per equity share) for the financial year 2023-24. This dividend together with interim & special dividend, marking the centennial year of
Chairman Emeritus Dr Brijmohan Lall Munjal of Rs.100 per equity share, takes the aggregates total dividend for the year 2023-24 to Rs. 140
per equity share i.e.7000%, has been approved by the shareholders in the Annual General Meeting held on August 12, 2024.

6 During the six months ended September 30, 2023, the Company had introduced a voluntary retirement scheme (VRS) and has provided
Rs.159.99 crores for employees who have accepted to be part of VRS and has disclosed the same as exceptional item in the standalone
financial results.

7 During the quarter and half year ended September 30, 2024, 49,008 and 58,377 equity shares respectively of Rs. 2 each were issued and
allotted under the Employee Incentive Scheme - 2014.

8 During the quarter and half year ended September 30, 2024, the Company has further invested in its associate. Details are as follows:

Rs. crores
Name of the Company Nature Quarter ended Quarter ended
June 30, 2024 September 30, 2024

Ather Energy Limited Associate - 123.83

Total - 123.83

9 Based on the guiding principles given in Ind AS-108 on 'Operating Segments', the Company's business activity fall within a single operating
segment, namely automotive segment.

10 In the quarter ended March 31, 2024, the Income Tax Authorities disallowed certain expenses incurred in prior periods and made a
demand of Rs.178 crores. The Company has evaluated the demand and based on external legal advice, supporting documents for
these expenses and other available information has filed an appeal with the Commissioner of Income Tax - Appeals, and has concluded
that there is no provision required for this demand as it is probable that the Company's position will be accepted upon ultimate
resolution.

Further, the Company and its Chairman are under investigation by certain other Government agencies. These investigations have not
been concluded. While uncertainty exists regarding the ultimate outcome of the investigation, the Company after considering available
information and facts, as of the date of approval of these financial results, has not identified any adjustments, disclosures or any effect to
financial statements or financial information.

11 The above unaudited standalone financial results of the Company are available on the Company's website www.heromotocorp.com
and also on www.bseindia.com and www.nseindia.com.

For and on behalf of the board of directors

C New Delhi DR. PAWAN MUNJAL

November 14, 2024 Executive Chairman
DIN : 00004223

Hero MotoCorp Ltd.

Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11- 46044100, 46044220, Fax +91-11- 46044399
HeroMotoCorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 Chartered Accountants
Deloitte 7th Floor Building 10
Tower B
Haskins & Sells LLP DLF Cyber City Complex
DLF City Phase II
Gurugram-122 002
Haryana, India

Tel: +91 124 679 2000

Fax: +91 124 679 2012

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF HERO MOTOCORP LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Hero MotoCorp
Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the
Group"), and its share of the net loss and total comprehensive loss of its associates for the quarter and half year
ended September 30, 2024 ("the Statement"), being submitted by the Parent pursuant to the requirement of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of
Directors, has been prepared in accordance with the recognition and measurement principles laid down in the
Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the
Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally
accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the
Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making
inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical
and other review procedures. A review is substantially less in scope than an audit conducted in accordance with
Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not
enable us to obtain assurance that we would become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

4. The Statement includes the results of the following entities:

Hero MotoCorp Limited - the Parent

Subsidiaries
a. HMC MM Auto Limited
b. HMCL Americas Inc
c. HMCL Netherlands B.V.
d. HMCL Colombia S.A.S
e. HMCL Niloy Bangladesh Limited
f. Hero Tech Center Germany GmbH

Associates
a. Hero FinCorp Limited (Consolidated)
b. Ather Energy Limited

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the
consideration of the review reports of the other auditors and joint auditor referred to in paragraph 7 below,
nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in
accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting
Standard and other accounting principles generally accepted in India, has not disclosed the information required
to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material
Skin misstatement.
•Z'
Chartered
Accountants

ice: One International Center, Tower 3, 32nd floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India.
Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
Deloitte
Haskins & Sells LLP
6. We draw attention to note 10 in respect of disallowances by the Income Tax authorities of deductions from
taxable income in prior periods of certain expenses incurred in those periods. The Parent Company has appealed
to the Commissioner of Income Tax-Appeals against these disallowances. The Parent Company based on available
information, underlying evidence supporting these disallowed expenses, and supplemented by external legal
advice has not made any provision for this demand because it is probable that the Parent Company's position will
be accepted upon ultimate resolution.

Additionally, as also described in note 10, the Parent Company and its Chairman are under investigation by certain
other Government agencies. Pending resolution of these investigations as at the date of this report, there is
uncertainty on the ultimate outcome of these investigations. Based on available information and facts as on the
date of approval of these financial results, the Parent Company has not identified any adjustment, disclosure or
any other effect on these financial results.

Our conclusion on the Statement is not modified in respect of this matter.

7. We did not review the interim financial information of five subsidiaries included in the consolidated unaudited
financial results, whose interim financial information reflect total assets of Rs. 986.00 crores as at September 30,
2024, total revenues of Rs. 235.03 crores and Rs. 450.46 crores for the quarter and half year ended September
30, 2024, respectively, total net profit after tax of Rs. 9.16 crores for the quarter ended September 30, 2024 and
net loss after tax of Rs. 23.79 crores for the half year ended September 30, 2024, total comprehensive profit of
Rs. 9.16 crores for the quarter ended September 30, 2024 and total comprehensive loss of Rs. 23.79 crores for
the half year ended September 30, 2024, and net cash outflows of Rs. 10.60 crores for the half year ended
September 30, 2024, as considered in the Statement. The consolidated unaudited financial results also includes
the Group's share of profit.after tax of Rs. 11.28 crores and Rs. 35.79 crores for the quarter and half year ended
September 30, 2024, respectively and total comprehensive income of Rs. 9.31 crores and Rs. 28.20 crores for the
quarter and half year ended September 30, 2024, respectively, as considered in the Statement, in respect of one
associate, whose consolidated interim financial results have been jointly reviewed by us along with other auditor.
These interim financial information of subsidiaries have been reviewed by other auditors whose reports have
been furnished to us by the Management, and our conclusion on the Statement, in so far as it relates to the
amounts and disclosures included in respect of these subsidiaries and associate, is based solely on the reports of
the other auditors/joint auditor and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter.

8. Certain of these subsidiaries are located outside India whose financial information have been prepared in
accordance with accounting principles generally accepted in their respective countries and which have been
reviewed by other auditors under generally accepted auditing standards applicable in their respective countries.
The Parent's management has converted the interim financial information of such subsidiaries located outside
India from accounting principles generally accepted in their respective countries to accounting principles
generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management.
Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on
the report of other auditors and the conversion adjustments prepared by the management of the Parent and
reviewed by us.

Our conclusion is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm's Registration No. 117366W/W-100018)

//Skins to_
/A7sc
N chosurtnetraondtsr

....:Z !jay Agarwal

Partner
(Membership No. 094468)
uDIN: 9_140q1-146 BKcob\letil--1
Place: New Delhi
Date: November 14, 2024
 Hero
HERO MOTOCORP LIMITED
Statement of Consolidated Financial Results for the quarter and hgll yea! ended September 30. 2024
ku ces in crave unless otherwee Idled
Quarter ended Half year ended Year ended
Particulars September 30, June 30, September 30, September 30, September 30, March 31.
2024 2024 2023 2024 _ 2023 2024
Un-audited Un-audited Un-audited Un-audited Un-audited Audited
1 Income
(a) Revenue from operations 10,482.93 10,210.79 9,533.07 20,693.72 18,384.08 37,788.62
(b) Other income 238.66 224.81 208.10 463.47 433.64 854.54
Total income 10,721.59 10,435.60 9,741.17 21,157.19 18.817.72 38.643.16
2 Expenses
fal Cost of materials consumed 6,918.58 6,616.59 6,499.98 13,535.17 12,561.68 24,836.89
lb] Purchase of stock in trade 145.81 121.55 5.08 267.36 14.84 484.20
[c] Changes in inventories of finished goods, 50.05
(138.00) 131.80 (6.52) (6.20) 188.35
stock-in-trade and work-in-progress
fdl Employee benefits expense 672.94 627.92 593.50 1,300.86 1,189.70 2,471.55
fel Finance costs 18.32 18.85 24.98 37.17 45.94 76.37
[f] Depreciation and amortisation expense 206.10 205.44 187.09 411.54 366.83 757.36
[g] Other expenses 1,347.51 1,251.65 1,081.48 2,599.16 1,996.63 4,458.00
Total expenses 9,171.26 8,973.80 8.385.59 18,145.06 16,225.72 33,272.72
Profit before share of profit / (loss) of associates, 2,592.00
3 1,550.33 1,461.80 1,355.58 3,012.13 5,370.44
exceptional items and tax (1-2)

4 Profit / (loss) from associates

Share in net profit / (loss) of associates (86.28) (54.14) 4.52 (140.42) (89.97) (120.25)

5 Profit before exceptional Item and tax (3+4) 1.464.05 1,407.66 1,360.10 2,871.71 2,502.03 5,250.19

6 Exceptional item
Expense towards VRS (refer note 6) - _ . 159.99 159.99
7 Profit before fax (5-6) 1,464.05 1.407.66 1,360.10 2,871.71 2,342.04 5,090.20

8 Tax expense
Current lax 369.58 344.93 327.46 714.51 578.70 1,264.18
Deferred tax charge/ (credit) 28.00 30.52 25.60 58.52 55.76 83.86
Total fax expense 397.58 375.45 353.06 773.03 634.46 1 348 04

9 Profit aftsilccL(J)__. 1,066.47 1,032.21 1,007.04 2,098.68 1,707.58, 3.742.16

10 Other comprehensive income /(loss)
I. Items that will not be reclassified to profit or loss
[a] Re-measurement gains/(losses) on defined benefit
(3.47) (3.48) (3.31) (6 95) (6.63) (30.00)
plans
[b] Income tax effect 0.86 0.86 0.82 1 72 1 .65 7.51

[c] Share of Other comprehensive income of associates (1.03) 2.40 (0.35) 1.37 (0.16) (L55)

ii. Items that will be reclassified to profit or loss

[a] Exchange differences in translating the financial

(0.39) (18.15) 0.36 (18.54) 2.30 1.92
information of foreign operations
lb] Income tax effect 0.10 4.57 (0.091 4.67 10.58) (0.481

[c] Share of Other comprehensive income of associates (1.76) (8.02) 4.46 (9.78) (4.46) (10.26)

Total Other comprehensive income /(loss), net of tax (5.69) (21.82) 1.89 (27.51) (7.88) (32.86)

11 Total comprehensive Income, net of tax (9+10) 1,060.78 1,010.39 1,008.93 2,071.17 1,699.70 3,709.30
12 Net Profit attributable to
of Owners of the Company 1,063.71 1,045.89 1,006.31 2,109.60 1,716.41 3,744.83
bi Non controlling interest 2.76 (13.68) 0.73 (10.92) (8.83) (2.67)
13 Other comprehensive income attributable to
a) Owners of the Company (4.631 115.92) 1.68 (20.55) (8.91) (32.761
b) Non controlling interest (1.06) (5.90) 0.21 (6.96) 1.03 (0.10)
14 Total comprehensive income attributable to
a) Owners of the Company 1,059.08 1,029.97 1,007.99 2,089.05 1,707.50 3,712.07
b) Non controliina interest 1.70 (19.58) 0.94 (17.88) (7.80) (2.77)
15 Paid-up equity share caplial 40.00 39.99 39.97 40.0O 39.97 39.98
Face value of the share ( in Rupees 1 2.00 2.00 2 00 2.00 2.00 2.00
16 Other egg 'imam
Earning per equity share on profit after tax
17
(face value Rs. 2/- each) [in Rupees]
Basic 53.19 52.31 _,50.34 105.50 $..1a.c4_ 187.36
Diluted 53.08 52,,21. 50.25 105.,221__ __ 85.75 187.04
' (tow and Diluted eornir-0 r.er shore ;EPS) tot all periods excepl year ended March 31. 2021 are not onnuol:ied.

kV
Hero MotoCorp Ltd.
Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11- 46044100, 46044220, Fax +91-11- 46044399
HeroMotoCorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 Hero
1.Consolidated Statement of Assets and Liabilities
Rupees in crore unless otherwise stated
As at As at
Particulars March 31, 2024
September 30, 2024
ASSETS Un-audited Audited

1 Non-current assets
(a) Property, plant and equipment 5,165.04 5,212.58
(b) Capital work-in-progress 145.38 127.1 6
(c) Right of use of assets 469.19 475.97
(d) Other Intangible assets 507.42 543.65
(e) Intangible assets under development 446.09 356.90
(f) Equity accounted investment in associates 3,006.16 3,083.59
(g) Financial assets
(i) Investments 4,766.10 5,362.57
(ii) Loans 22.16 21.15
(iii) Others 129.59 189.44
(h) Income tax assets (net) 175.39 335.68
(i) Other non-current assets 1 18.71 128.65
Total non-current assets 14,951.23 15.837.34
2 Current assets
(a) Inventories 1,933.70 1,755.90
(b) Financial assets
(i) Investments 7,207.43 4,305.08
(ii) Trade receivables 4,116.09 2,630.22
(iii) Cash and cash equivalents 232.38 604.91
(iv) Bank balances other than (iii) above 66.81 91.56
(v) Loans 24.89 24.56
(vi) Others 157.29 423.53
(c) Other current assets 571.33 479.69
Total current assets 14,309.92 10.315.45

Total assets 29.261.15 26.152.79

EQUITY AND LIABILITIES

1 Equity
(a) Equity Share capital 40.00 39.98
(b) Other equity 18,970.51 17,658.94
Total Equity attributable to owners of the company 19,010.51 17,698.92

2 Non-controlling interests 123.78 135.65

Total equity 19.134.29 17.834.57
LIABILITIES
3 Non-current liabilities
(a) Financial liabilities
(i) Lease Liability 190.15 199.13
(ii) Other Financial Liabilities 181.20 178.13
(b) Provisions 428.45 322.46
(c) Deferred tax liabilities (net) 623.86 570.13
Total non-current liabilities 1.423.66 1,269.85
4 Current liabilities
(a) Financial liabilities
(i) Borrowings 357.31 363.43
(ii) Lease Liability 40.61 43.85
(iii) Trade payables
Total outstanding dues of micro and
1 14.46 18.74
small enterprises
Total outstanding dues of creditors other than
7,095.71 5,604.16
micro and small enterprises
(iv) Other financial liabilities 216.93 254.90
(b) Other current liabilities 689.53 603.85
(c) Provisions 188.65 159.44
Total current liabilities 8,703.20 7.048.37
Total equity and liabilities 29.261.15 26.152.79

0
Hero MotoCorp Ltd.
Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11- 46044100, 46044220, Fax +91-11- 46044399
HeroMotoCorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 ut Hero
2. Consolidated Statement of Cash Flows

ecs in CrOle unless olherwise slat

Particulars As at As at
September 30, 2024 September 30, 2023
Un-audited Un-audited
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit after tax and share In profit/(loss) of associates 2,098.68 1,707.58
Adjustments for:
Add: Depreciation and amortisation expense 411.54 366.83
Tax expense 773.03 634.46
Loss on property, plant and equipments sold/discarded 1.47 1.92
Finance cost 37.17 45.99
Employee stock compensation cost 14 34 10.11
Loss allowance on trade receivables 9.21 18.62
1,246.76 1,077.93
Less: Interest income on financial assets carried at amortised cost 159.28 156.39
Dividend income 21.68 17.78
Profit on sale of investments 72.09 54.23
Gain on investments carried at fair value through profit or loss 209.81 197.44
Share of profit/(loss) in associates (140.42) (89.97)
Profit on sale of property, plant and equipments 0.59 0.50
Net Foreign currency translation 18.54 2.30
341.57 338.67

Operating profit before working capital changes 3,003.87 2,446.84

Changes in working capital:
Adjustment for (Increase)/decrease in operating assets:
Inventories (177.81) (275.77)
Trade receivables (1495.09) (1528.64)
Loans-Current (0.33) 1.16
Loans-Non-Current (1.01) 1.33
Other financial assets 326.09 (204.85)
Other current assets (91.64) (69,18)
Other non-current assets 0.50 7.06
(1,439.29) (2,068.89)
Adjustment for Increase/(decrease) in operating liabilities:
Trade payables 1587.24 1203.02
Other financial liabilities-Current 4.18 (1.86)
Other current liabilities 85.68 1.13
Current provisions 29.21 3.14
Non current provisions 100.76 22.94
1,807.07 1,228.37
Cash generated from operations 3,371.65 1,606.32
Less: Direct taxes paid (net of refund) 554.33 557 01
Net cash generated from operating activities 2,817.32 1,049.31

B. CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure on property, plant and equipment, intangible assets, capital (459.72) (335.62)
work in progress and intangible assets under development including capital
advances
Proceeds from sale of property, plant and equipment 8.93 4.53
Deposits (made)/ withdrawn 16.64 68.72
Sale of investments other than associates/ subsidiaries 25,263.02 21,659.20
Purchase of investments other than associates/ subsidiaries (27,286.98) (21,371.60)
Dividend income received from associates 52.43 42.46
Investment in associates (123.83) (500.00)
Interest income on financial assets carried at amortised cost 159.28 156.39
Dividend income 21.68 17.78
Net cash used in Investing activities (2,348.55) (258.14)

C. CASH FLOW FROM FINANCING ACTIVITIES

Interest paid (37.17) (45.99)
Repayment of lease liabilities (12.22) (3.91)
Dividend paid (799.72) (702.87)
Additions to minority interest 10.00 11.96
Proceeds from issue of equity share capital (including securities premium) 3.93 2.63
(Re-payment)/proceeds of non current borrowings 0.00 (13.31)
(Re-payment) / Proceeds of current borrowings (6.12) 100.58
Net cash used in financing activities (841.30) (650.91)
D. (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C) (372.53) 140.26

Cash and cash equivalents at the beginning of the period 604.91 226.30
Cash and cash equivalents at the end of the period 232.38 366.56

Hero MotoCorp Ltd.

Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11- 46044100, 46044220, Fax +91-11- 46044399
HeroMotoCorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 It Hero
3 The above unaudited Consolidated financial results have been prepared in accordance with Indian Accounting Standards (Ind AS)
notified under Section 133 of Companies Act, 2013, read together with the Companies (Indian Accounting Standard) Rules, 2015 (as
amended).

4 The above unaudited Consolidated financial results for the quarter and half year ended September 30, 2024 have been reviewed
and recommended by the Audit Committee and approved by the Board of Directors in their meetings held on November 13 and
November 14, 2024, respectively.

5 On May 08, 2024, the Board of Directors had considered and approved final dividend @ 2000% i.e. Rs.40 per equity share (face value
of Rs.2 per equity share) for the financial year 2023-24. This dividend together with interim & special dividend, marking the centennial
year of Chairman Emeritus Dr Brijmohan Lail Munjal of Rs.100 per equity share, takes the aggregates total dividend for the year 2023-
24 to Rs. 140 per equity share i.e.7000%, has been approved by the shareholders in the Annual General Meeting held on August 12,
2024.

6 During the half year ended September 30, 2023, the Company has introduced a voluntary retirement scheme (VRS) and has provided
Rs. 159.99 crores for employees who have accepted to be part of VRS and has disclosed the same as exceptional item in the
consolidated financial results.

7 During the quarter and half year ended September 30, 2024, 49,008 and 58,377 equity shares respectively of Rs. 2 each were issued
and allotted under the Employee Incentive Scheme - 2014.

8 Particulars of subsidiaries and associates as on September 30, 2024

a) Subsidiaries (held directly) - HMCL Netherlands B.V., HMC MM Auto Limited, HMCL Americas Inc., Hero Tech Center Germany
GmbH
b) Subsidiaries (held indirectly) - HMCL Colombia S.A.S. and HMCL Niloy Bangladesh Limited (subsidiaries of HMCL Netherlands B.V.)

c) Associates - Hero FinCorp Limited (Consolidated) and Ather Energy Limited

9 During the quarter and half year ended September 30, 2024, the Company has further invested in its associate. Details are as follows:

Rs. In croresl
Name of the Company Nature Quarter ended Quarter ended
June 30, 2024 September 30,
2024
Ather Energy Limited Associate - 123.83
Total - 123.83

10 In the quarter ended March 31, 2024, the Income Tax Authorities disallowed certain expenses incurred in prior periods and made a
demand of Rs.178 crores. The Company has evaluated the demand and based on external legal advice, supporting documents for
these expenses and other available information has filed an appeal with the Commissioner of Income Tax - Appeals, and has
concluded that there is no provision required for this demand as it is probable that the Company's position will be accepted upon
ultimate resolution.
Further, the Company and its Chairman are under investigation by certain other Government agencies. These investigations have not
been concluded. While uncertainty exists regarding the ultimate outcome of the investigation, the Company after considering
available information and facts, as of the date of approval of these financial results, has not identified any adjustments, disclosures or
any effect to financial statements or financial information.

11 Based on the guiding principles given in Ind AS-108 on 'Operating Segments', the Group's business activity fall within a single
operating segment, namely automotive segment.

12 The above consolidated financial results of the Group are available on the Company's website www.heromotocorp.com and also on
www.bseindia.com and www.nseindia.com

For and on behalf of the board of directors

New Delhi DR. PAWAN MUNJAL

November 14, 2024 Executive Chairman
DIN : 00004223

Hero MotoCorp Ltd.

Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road, Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11- 46044100, 46044220, Fax +91-11- 46044399
HeroMotoCorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 i ; Hero
Press Release

New Delhi, November 14, 2024

HERO MOTOCORP REPORTS HIGHEST EVER REVENUE,

AND PAT FOR Q2 FY’25
REVENUE AT Rs. 10,463 Cr. GROWS BY 11%,
PAT AT Rs.1,204 Cr GROWS BY 14%

MOMENTUM CONTINUES WITH BEST EVER RETAIL OF 16 LAC

UNITS DURING THE FESTIVAL PERIOD
Highlights for Q2 FY’25 (July‐Sept’24) Highlights for H1 FY’25 (April‐Sept’24)

 Volume – 15.20 lakh units of  Volume – 30.55 lakh units of

motorcycles and scooters sold in Q2 motorcycles and scooters sold in H1
FY’25 (Vs 14.16 lakh units Q2 FY’25 (Vs 27.69 lakh units Q2
FY’24) FY’24)

 Revenue from operations-Rs.  Revenue from operations-Rs.

10,463 Crore, a growth of 11% over 20,607 Crore, a growth of 13% over
the corresponding quarter in the the corresponding period in the
previous fiscal previous fiscal

 Earnings before Interest, Tax,  Earnings before Interest, Tax,

Depreciation & Amortization Depreciation & Amortization
(EBITDA) for Q2 FY’25 stands at (EBITDA) for H1 FY’25 stands at
Rs.1,516 Crore, a growth of 14% Rs.2,976 Crore, a growth of 17%

 Net Profit After Tax (PAT) ‐ at  Net Profit After Tax (PAT) ‐ at Rs.
Rs. 1,204 Crore a growth of 14%. 2,326 Crore a growth of 24%.

Hero MotoCorp, the world's largest manufacturer of motorcycles and scooters, continued
its strong financial performance for the second quarter (July–September 2024) of FY’25
and for H1 FY25 (April–September 2024).

The Company reported a quarterly revenue of Rs. 10,463 Crore, (vs Rs. 9,445 Crore in the
previous year), reflecting a growth of 11%. On an H1FY25 basis, the Company reported a
revenue of Rs. 20,607 Crore, (vs Rs.18,213 Crore in the previous year), reflecting a growth
of 13%.

The Company also reported its highest-ever quarterly revenue from Part, Accessories, and
Merchandising at Rs. 1456 Cr.
 i ; Hero
Press Release

The EBITDA margin for the quarter expanded over the previous year by 40 bps and stood
at 14.5%. Profit After Tax (PAT) stood at Rs. 1,204 Crore, a growth of 14% over the
previous year. On an H1FY25 basis, the EBITDA margin expanded over the previous year
by 50 bps and stood at 14.4%, while the Profit After Tax (PAT) stood at Rs. 2,326 Crore, a
growth of 24% over the corresponding period in the previous year.

The consolidated Revenue and PAT for the quarter were Rs. 10,483 Crore and Rs. 1,066
Crore, respectively. For H1FY25, the consolidated numbers for Revenue and PAT were Rs.
20,694 Crore and Rs. 2,099 Crore, respectively.

Mr. Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said, “We have
continued our exceptional performance in Q2 FY’25, once again creating a new high in both
topline and bottomline. Our strong focus on cash management has resulted in us delivering
strong cash flow, strengthening our financial position even further.

While our existing line up of strong brands continue to deliver in Entry and Deluxe segment ,
our journey to build a powerful portfolio in premium segment is progressing with pace. As
unveiled in EICMA, we will see 3 more models in this segment in next 6 months ‐ Xpulse 210 ,
Xtreme 250R and Karizma XMR 250 . Apart from portfolio, we will continue to expand Premia
stores targeting to cross 100 by the end of the current fiscal year. Our strong financials will
allow us to now aggressively invest behind brand building.

We are also planning a slew of launches in scooter segment, covering both ICE and EV. We will
have 3 models coming in ICE scooters by March 2025, containing many first in class and best in
class features. Our VIDA market shares continue to move up, and we will be expanding the
portfolio to cover all price segments soon.

The recently concluded festive season saw us clocking our highest ever retails at 16 lakhs units,
backed by higher demand from rural sector. We believe that the strong monsoon will help the
momentum in the Industry going forward. The fundamentals look good for Indian economy in
general and 2 wheeler industry in particular”

Highlights | July – September 2024

Product Strategy Launches
 Company unveiled three new motorcycles at EICMA 2024
- the Xpulse 210, the Xtreme 250R and the Karizma XMR
250. The versatile motorcycle range caters to various
riding styles and roads - from off-road/adventure to the
street and track – while the VIDA Z electric scooter brings
style and performance to environment-conscious
customers.
 i ; Hero
Press Release

 Launched the Hero Glamour 2024 with new features and

colour options
 Launched the Mavrick 440 Thunderwheels, a limited-
edition motorcycle in collaboration with Thums Up
 Launched the new Hero Xtreme 160R 2V 2024 Edition at
an attractive price of INR 1,11,111 across the country
 Unveiled the New Hero Destini 125 Scooter
Electric Mobility  Crossed 6,000 monthly sales units in August for the first
time with retail market share grown to over 5%
according to VAHAN
Leadership  Elevation of Mr. Sanjay Bhan, Chief Business Officer –
appointments Global Business, to the role of Executive Vice President
from September 01, 2024
Global Business  Entered Southeast Asian geography by commencing
operations in the Philippines
 Registered growth of 30% in its YTD sales in global
business
The Centennial  Raised Rs. 8.6 Crores for Charitable Initiatives through
‘The Centennial’ auction.
Brand  Honored with the prestigious Platinum A’ Design Award
in the Vehicle, Mobility and Transportation Design
category for the Surge S32.
 Inaugurated the first Hero Premia Store in New Delhi
Sports Initiatives  Hero MotoSports won the FIM World Rally-Raid
Championship (W2RC) 2024 – making it the sixth overall
and first Indian manufacturer to earn a FIM world title.
Ross Branch received the title after his stellar
performance throughout the season. This was also a
major victory for the country, cementing its position in
the big league of larger and older teams
 Entered a partnership with the International Hockey
Federation (FIH) for a period of 5 years
Sustainability  The Company's unwavering dedication to advancing all
three metrics of Environment, Social, and Governance
(ESG) has resulted in significant improvement in S&P
Dow Jones Sustainability Index (DJSI) score from 51 to
69. Hero MotoCorp now ranks no 1 on DJSI score
amongst 2 wheeler industry in India and fourth in
global automotive industry.

**********
 Hero
Press Release

For more information on Hero MotoCorp: Press Contact:

[email protected]