Shares of Hero MotoCorp ended the four-day winning streak on Wednesday and dropped over 3 per cent after the company reported a 26.46 per cent decline in consolidated profit after tax (PAT) at Rs 613.81 crore for the fourth quarter ended on March 31, 2020.
The company, which had posted a PAT of Rs 776.23 crore in the same quarter a year ago, said it has rationalised capex spends for the current financial year by half.
At the time of reporting, the stock declined 3.39per cent at Rs 2304,85 on the BSE and on the NSE it dipped 3.57 per cent to Rs 2,302.10.
Revenue from operations during the quarter under review stood at Rs 6,333.89 crore as against Rs 8,120.73 crore in the same quarter a year ago, Hero MotoCorp said in a regulatory filing.
The company sold 1,323,000 two-wheeler units during the quarter.
Hero MotoCorp posted consolidated profit after tax (PAT) of Rs 3,641.12 crore in FY ended March 31 as compared with Rs 3,452.37 crore in the previous fiscal year. The company said, revenue from operations in 2019-20 was at Rs 29,255.32 crore.