Hero MotoCorp share falls over 3% despite strong Q4 earnings

Hero MotoCorp share fell over 3% in early trade today after the firm reported earnings for the quarter ended March 2021. The stock has fallen after 2 days of consecutive gain.  It touched an intraday low of Rs 2,820.5, down 3.18% on BSE.

The share trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 42.42% in one year and fallen 8.5% since the beginning of this year.

At 11:07 am, the stock was trading 2.43% lower at Rs 2,842 against previous close of Rs 2,913 on BSE.

0.58 lakh shares of the firm changed hands amounting to turnover  of Rs 16.74 crore on BSE. The large cap share hit its 52-week high of Rs 3,628 on February 18, 2021 and 52-week low of Rs 1,955 on May 6, 2020.

The firm reported a 39.4% rise in its net profit to Rs 865 crore in Q4 against Rs 620.7 crore in the year-ago period.

Revenue from operations rose to  Rs 8,686 crore, marking a growth of nearly 40% year-on-year from Rs 6,238 crore in Q4 FY20.

The company's board has recommended a final dividend of Rs 25 per equity share and a special dividend of Rs 10 per equity share.

The earnings were announced after market hours on Thursday.

"The company has been able to drive profitable growth through the combination of key strategic initiatives such as acceleration of Leap-II savings program to offset the higher commodity prices and input costs" the company said in a release.

Stocks in news: HDFC, Tata Consumer, Mahindra & Mahindra, Dabur and more