it Hero

May 8, 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 the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“Listing Regulations”)

Re: Outcome of Board Meeting held on May 8, 2024

Dear Sir(s),

Please note the following matters were considered and approved at the Board Meeting held
today i.e. Wednesday, May 8, 2024:

1. The audited standalone and consolidated financial results for the quarter and financial
year ended March 31, 2024. A copy of duly signed audited financial results along with
audit reports and declaration in respect of audit reports with unmodified opinion under
Regulation 33 of Listing Regulations, is enclosed.
A press release issued in this regard, is also enclosed.

2. Recommendation of final dividend @ 2,000% i.e. Rs. 40/- per share (face value of Rs. 2 per
equity share), subject to approval of the members of the Company at the ensuing 41st
Annual General Meeting. The payment of dividend / dispatch of dividend warrants will be
completed within 30 days of declaration at the ensuing Annual General Meeting (AGM).

3. Pursuant to Regulation 42 of Listing Regulations, the Register of Members and Share

Transfer Books of the Company will remain closed from Friday, August 02, 2024 till
Monday, August 12, 2024 (both days inclusive) for the purpose of 41st AGM and
determining entitlement of the members for the final dividend (if declared at the AGM).
Kindly display the same on your respective websites.

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: corporate.communication@heromotocorp.com
www.heromotocorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 it Hero
Symbol Type of Book closure both days Record Purpose
security inclusive Date
From To
NSE-HEROMOTOCO Equity Friday, Monday, Not 41st AGM
Shares August 02, August 12, Applicable and final
BSE- 500182 2024 2024 dividend
(if
declared
at AGM)

4. Setting-up a wholly owned subsidiary in Brazil. The disclosure pertaining to Regulation

30 of the Listing Regulations, is enclosed as Annexure A.

The meeting of the Board of Directors commenced at 11:20 a.m. and concluded at 2:35 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
dhiraj.kapoor@heromotocorp.com C
= IN O = Personal
Date: 2024.05.08 14:35:22 +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: corporate.communication@heromotocorp.com
www.heromotocorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
Deloitte Chartered Accountants
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 REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW
OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF HERO MOTOCORP LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2024 and (b) reviewed the
Standalone Financial Results for the quarter ended March 31, 2024 (refer 'Other Matters' section below), which
were subject to limited review by us, both included in the accompanying "Statement of Standalone Financial
Results for the quarter and year ended March 31, 2024" ("the Statement") of Hero MotoCorp Limited ("the
Company"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Standalone Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the
Standalone Financial Results for the year ended March 31, 2024:

i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended; and

ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in
the Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India
of the net profit and total comprehensive income and other financial information of the Company for
the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2024

With respect to the Standalone Financial Results for the quarter ended March 31, 2024, based on our review
conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our
attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31,
2024, prepared in accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards 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.

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2024

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10)
of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in
paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the
ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March
31, 2024 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit
evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Regd. Office: One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India.
(LLP Identification No. AAB-8737)
Deloitte
Haskins & Sells LLP

Emphasis of Matter

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 at 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 opinion is not modified in respect of the above matters.

Management's Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of
Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended
March 31, 2024 has been compiled from the related audited standalone financial statements. This responsibility
includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended
March 31, 2024 that give a true and fair view of the net profit and other comprehensive income and other
financial information in accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and
other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a
true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's
ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities

(a) Audit of the Standalone Financial Results for the year ended March 31, 2024

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for
the year ended March 31, 2024 as a whole is free from material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this Standalone Financial Results.

4
Deloitte
Haskins & Sells LLP
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Annual Standalone Financial Results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in
terms of the requirements specified under Regulation 33 of the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the ability of the Company to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor's report. However, future events or conditions may cause the Company to cease to
continue as a going concern.

• Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results,
including the disclosures, and whether the Annual Standalone Financial Results represent the
underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Annual Standalone Financial Results may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
Annual Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings including any significant deficiencies in internal
control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

(b) Review of the Standalone Financial Results for the quarter ended March 31, 2024

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2024 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 ICA'. A review of interim

10, 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
Deloitte
Haskins & Sells LLP
substantially less in scope than an audit conducted in accordance with SAs specified under section
143(10) of the Act 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.

Other Matters

As stated in note 11, the Statement includes the results for the quarter ended March 31, 2024 being the
balancing figure between audited figures in respect of the full financial year and the published year to date
figures up to the third quarter of the current financial year which were subject to limited review by us.

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

For DELOITTE HASKINS & SELLS LLP

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

u,, uay Agarwal

Partner
(Membership No. 094468)
UDIN: 2.Ljolt,y(S 8 g...si) )6141 8i3%
Place: Shimla
Date: May 08, 2024
 it Hero
HERO MOTOCORP LIMITED
Statement of Standalone Financial Results for the quarter and year ended March 31, 2024

Rupees in crore unless otherwise stated

Quarter ended Year ended
March 31, 2024 December 31, March 31, 2023 March 31, March 31,
Particulars 2023 2024 2023
Audited- Audited-
Un-audited Audited Audited
refer note 11 refer note 11
1 No. of Two wheelers sold (In Lakhs) 13.92 14.60 12.70 56.21 53.29
2 Income
(a) Revenue from operations 9,519.30 9,723.73 8,306.78 37,455.72 33,805.65
(b) Other income 180.04 242.04 236.92 892.55 565.16
Total income 9,699.34 9,965.77 8,543.70 38,348.27 34,370.81

3 Expenses
Ial Cost of raw materials consumed 6,103.25 6,372.34 5,804.52 24,767.46 24,019.73
fb1 Purchase of stock in trade 126.60 1 18.54 17.16 484.20 47.43
[c] Changes in inventories of finished goods,
95.00 56.16 (175.39) 179.1 1 (209.04)
stock-in-trade and work-in-progress
icll Employee benefit expense 643.74 601.67 557.06 2,402.34 2,189.83
fel Finance costs 4.56 4.52 4.68 18.50 19.87
[f] Depreciation and amortisation expense 185.05 182.51 168.58 71 1.41 656.96
[g] Other expenses 1,191.56 1,213.00 1,020.43 4,366.90 3,771.47
Total expenses 8,349.76 8,548.74 7,397.04 32,929.92 30,496.25

4 Profit before tax (2-3) 1,349.58 1,417.03 1,146.66 5,418.35 3,874.56

5 Exceptional item
Expense towards VRS (refer note 6) 159.99

6 Profit before tax (4-5) 1,349.58 1,417.03 1,146.66 5,258.36 3,874.56

7 Tax expense
Current tax 331.44 353.17 295.66 1,260.95 941.90
Deferred tax charge/(credit) 2.09 (9.52) (7.93) 29.45 22.08
Total tax expense 333.53 343.65 287.73 1,290.40 963.98

8 Profit after tax (6-7) 1,016.05 1,073.38 858.93 3,967.96 2,910.58

9 Other comprehensive income /(loss)

Items that will not be reclassified subsequently
to profit or loss:-
Re-measurement losses on defined benefit
(20.01) (3.29) (6.80) (29.87) (12.52)
plans
Income tax effect 5.04 0.83 1 .71 7.52 3.15
Net other comprehensive income not to be
(14.97) (2.46) (5.09) (22.35) (9.37)
reclassified to profit or loss
Total comprehensive income, net of income
10 1,001.08 1,070.92 853.84 3,945.61 2,901.21
tax (8+9)

11 Paid-up equity share capital 39.98 39.98 39.97 39.98 39.97

Face value of the share (In Rupees) 2.00 2.00 2.00 2.00 2.00

12 Other equity 17,946.20 16,665.12

Earnings per equity share on profit after tax

13
(face value Rs. 2/- each) [In Rupees]*
Basic 50.84 53.70 42.99 198.53 145.66
Diluted 50.74 53.60 42.94 198.18 145.52
* Basic and Diluted earnings per share (EPS) for a I periods except year ended March 31, 2024 & March 31, 2023 are not
annualised.

Fs]
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
1. Statement of Standalone Assets and Liabilities
Rupees in crore unless otherwise stated
As at March As at March
Particulars
31, 2024 31, 2023
Audited Audited
ASSETS
1 Non-current assets
(a) Property, plant and equipment 4,933.87 4,868.20
(b1 Capital work-in-proaress 120.58 128.55
(c) Right of use of assets 371.61 393.03
(d) Other intangible assets 528.55 500.19
(e) Intangible assets under development 359.93 335.24
(f) Financial assets
(i) Investments 8,811.58 7,372.48
(ii) Loans 21.15 19.87
(iii) Others 188.87 205.65
(g) Income tax assets (net) 312.49 251.72
(h) Other non-current assets 126.90 151.42
Total non-current assets 15,775.53 14,226.35
2 Current assets
(a) Inventories 1,443.76 1,434.09
(b) Financial assets
(i) Investments 4,274.52 3,637.88
(ii) Trade receivables 2,703.44 2,798.21
(iii) Cash and cash equivalents 539.89 168.37
(iv) Bank balances other than (iii) above 69.04 177.13
(v) Loans 24.56 23.71
(vi) Others 283.51 562.33
(c) Other current assets 457.30 235.07
Total current assets 9,796.02 9,036.79

Total assets 25,571.55 23,263.14

EQUITY AND LIABILITIES
1 Equity
(a) Equity share capital 39.98 39.97
(b) Other equity 17,946.20 16,665.12
Total equity 17,986.18 16,705.09
Liabilities
2 Non-current liabilities
(a) Financial liabilities
(i) Lease liability 1 11.50 134.29
(ii) Other financial liabilities 178.13 196.29
(b) Provisions 316.66 198.12
(c) Deferred tax liabilities (net) 434.82 405.37
Total non-current liabilities 1,041.11 934.07
3 Current liabilities
(a) Financial liabilities
(i) Lease liability 26.08 22.02
(ii) Trade payables
Total outstanding dues of micro and small enterprises 15.79 1.15
Total outstanding dues of creditors other than 5,512.36 4,703.31
micro and small enterprises
(iii) Other financial liabilities 250.29 163.97
(b) Other current liabilities 585.60 557.84
(c) Provisions 154.14 175.69
Total current liabilities 6,544.26 5,623.98

Total equity and liabilities 25,571.55 23,263.14

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
2. Standalone Cash Flow Statement
Rupees in crore unless otherwise stated
Particulars Year ended Year ended
March 31, 2024 March 31, 2023
Audited Audited
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit after tax 3,967.96 2,910.58
Adjustments for:
Add: Depreciation and amortisation 711.41 656.96
Tax expense 1,290.40 963.98
Loss on property, plant and equipment sold/discarded 5.55 4.72
Finance cost 18.50 19.87
Employee Stock Compensation Cost 23.74 16.04
Loss allowance on trade receivables 17.71 4.80
2,067.31 1,666.37
Less: Interest income on financial assets carried at amortised cost 296.22 256.10
Dividend income 59.35 0.28
Profit on sale of investments 120.39 111.79
Gain on investments carried at fair value through profit or loss 406.99 191.43
Profit on sale of property, plant and equipment 6.27 5.56
889.22 565.16

Operating profit before working capital changes 5,146.05 4,011.79

Changes in working capital:
Adjustment for (increase)/decrease in operating assets:
Inventories (9.67) (311.44)
Trade receivables 77.06 (498.74)
Loans-Current (0.85) (0.90)
Loans-Non-Current (1.28) (2.44)
Other financial assets 295.60 (281.58)
Other current assets (222.23) (37.42)
Other non-current assets 7.74 12.97
146.37 (1,119.55)
Adjustment for increase/(decrease) in operating liabilities:
Trade payables 823.69 444.12
Other financial liabilities-Current 9.74 3.75
Other current liabilities 27.76 65.72
Current provisions (21.55) 15.27
Non-current provisions 88.67 7.53
928.31 536.39
Cash generated from operations 6,220.73 3,428.63
Less: Direct tax paid (net of refund) 1,314.20 849.55
Net cash generated from operating activities 4,906.53 2,579.08

B. CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure on property, plant and equipment and intangible (719.50) (577.70)
assets, capital work in progress and intangible assets under
development including capital advances
Proceeds from sale of property, plant & equipment 9.31 10.16
Deposits (made)/ withdrawn 101.10 (102.83)
Sale of investments other than associates 45,713.23 45.340.83
Purchase of investments other than associates (46,584.68) (44,433.15)
Investmenl in associates (639.41) (962.50)
Investment in subsidiaries (37.50) -
Interest income on financial assets carried at amortised cost 296.22 256.10
Dividend income 59.35 0.28
Net cash (used)/generated in investing activities (1,801.88) (468.81)

C. CASH FLOW FROM FINANCING ACTIVITIES

Interest paid (18.50) (19.87)
Repayment of lease liabilities (26.37) (25.62)
Dividends paid (2,698.67) (1,998.33)
Proceeds from issue of equity share capital (including share premium) 10.41 3.24
Net cash (used) in financing activities (2,733.13) (2,040.58)

D. INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C) 371.52 69.69

Cash and cash equivalents at the beginning of the year 168.37 98.68
Cash and cash equivalents at the end of the year 539.89 168.37

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
3 The above 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 Standalone financial results for the quarter and year ended March 31, 2024 have been reviewed and recommended by
the Audit Committee and approved by the Board of Directors in their meetings held on May 08, 2024.

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%

6 During the quarter ended June 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 standalone
financial results.

7 During the quarter and year ended March 31, 2024, 34,588 and 82,023 equity shares respectively of Rs. 2 each were issued and
allotted under the Employee Incentive Scheme - 2014.

8 During the quarter and year ended March 31, 2024, the Company has further invested in its subsidiaries & associate. Details are as
follows:
Rs. crores
Name of the Company Nature Quarter ended Year ended
March 31, 2024 March 31, 2024
HMCL Netherlands B.V Subsidiary 22.50
Ather Energy Pvt. Ltd. Associate 139.41 639.41
HMC MM Auto Limited Subsidiary - 15.00
Total 139.41 676.91

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 figures for the current quarter ended March 31, 2024 and quarter ended March 31, 2023 are the balancing figures between the
audited figures for the year ended March 31, 2024 and March 31, 2023, respectively and published results figures upto nine months
ended December 31, 2023 and December 31, 2022, respectively which were subjected to limited review. Previous period/year figures
have been regrouped/ reclassified wherever necessary.

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

For and on behalf of the board of ectors

Shimla DR. PAWAN MUNJAI.

May 08, 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 REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW
OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF HERO MOTOCORP LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2024 and (b) reviewed the
Consolidated Financial Results for the quarter ended March 31, 2024 (refer 'Other Matters' section below),
which were subject to limited review by us, both included in the accompanying "Statement of Consolidated
Financial Results for the quarter and year ended March 31, 2024" 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
after tax and total comprehensive income/(loss) of its associates for the quarter and year ended March 31, 2024,
("the Statement") being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to us, and based
on the consideration of the audit reports of the other auditors on separate financial statements of
subsidiaries and associates referred to in Other Matters section below, the Consolidated Financial Results
for the year ended March 31, 2024:

(i) includes the results of the following entities:

Subsidiaries
HMC MM Auto Limited
- HMCL Americas Inc.
- HMCL Netherlands B.V.
- HMCL Colombia S.A.S
- HMCL Niloy Bangladesh Limited
- Hero Tech Centre Germany, GMBH
Associates
- Hero FinCorp Limited (Consolidated); and
Ather Energy Private Limited

(ii) is presented in accordance with the requirements of (Regulation 33) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended; and

(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down
in the Indian Accounting Standards and other accounting principles generally accepted in India of
the consolidated net profit and consolidated total comprehensive income and other financial
information of the Group for the year ended March 31, 2024.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2024

With respect to the Consolidated Financial Results for the quarter ended March 31, 2024, based on our
review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities
section below and based on the consideration of the audit reports of the other auditors referred to in Other
Matters section below, nothing has come to our attention that causes us to believe that the Consolidated
Financial Results for the quarter ended March 31, 2024, prepared in accordance with the recognition and

Regd. Office: One International Center, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400.013, Maharashtra, India.
(LLP Identification No. MB-8737)
Deloitte
Haskins & Sells LLP
measurement principles laid down in the Indian Accounting Standards and other accounting principles
generally accepted in India, has not disclosed the information required to be disclosed in terms of
Regulation 33 of the SERI (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.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2024

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10)
of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in
paragraph (a) of Auditor's Responsibilities section below. We are independent of the Group and its associates in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together
with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year
ended March 31, 2024 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the
audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports
referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

We draw attention to note 11 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 11, 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 at
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 opinion is not modified in respect of the above matters.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of
Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended
March 31, 2024, has been compiled from the related audited consolidated financial statements. This
responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter
and year ended March 31, 2024 that give a true and fair view of the consolidated net profit and consolidated
other comprehensive income and other financial information of the Group including its associates in accordance
with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed
under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles
generally accepted in India and in compliance with (Regulation 33) of the Listing Regulations.

The respective Board of Directors of the companies included in the Group and of its associates are responsible
for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Group and its associates and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the respective financial results that give a true and fair view
and are free from material misstatement, whether due to fraud or error, which have been used for the purpose
of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.
Deloitte
Haskins & Sells LLP

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in
the Group and of its associates are responsible for assessing the ability of the respective entities to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the respective Board of Directors either intends to liquidate their respective entities or to
cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates are responsible
for overseeing the financial reporting process of the Group and of its associates.

Auditor's Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2024

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for
the year ended March 31, 2024 as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Annual Consolidated Financial Results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in
terms of the requirements specified under (Regulation 33) of the Listing Regulations.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the ability of the Group and its associates
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Group and its associates to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Annual Consolidated Financial
Results, including the disclosures, and whether the Annual Consolidated Financial Results represent
the underlying transactions and events in a manner that achieves fair presentation.
Deloitte
Haskins & Sells LLP
• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the
Listing Regulations to the extent applicable.

• Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of
the entities within the Group and its associates to express an opinion on the Annual Consolidated
Financial Results. We are responsible for the direction, supervision and performance of the audit of
financial information of entities included in the Annual Consolidated Financial Results of which we
are the independent auditors. For the other entities included in the Annual Consolidated Financial
Results, which have been audited by the other auditors, other auditors remain responsible for the
direction, supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that,
individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
Annual Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other entities included in
the Consolidated Financial Results of which we are the independent auditors regarding, among other
matters, the planned scope and timing of the audit and significant audit findings including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2024

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2024 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 ICAL 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 SAs specified under section
143(10) of the Act 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.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and
Conclusion section above.

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.

Other Matters

• As stated in note 12, the Statement includes the results for the quarter ended March 31, 2024 being the
balancing figure between audited figures in respect of the full financial year and the published year to date
figures up to the third quarter of the current financial year which were subject to limited review by us.
Deloitte
Haskins & Sells LLP
• We did not audit the financial statements of five subsidiaries included in the consolidated financial results,
whose financial statements reflect total assets of Rs. 1,088.12 crores as at March 31, 2024 and total
revenues of Rs. 337.11 crores and Rs. 947.26 crores for the quarter and year ended March 31, 2024
respectively, total net profit after tax of Rs. 16.61 crores and net loss after tax of Rs. 12.52 crores for the
quarter and year ended March 31, 2024 respectively and total comprehensive income of Rs. 16.61 crores
and total comprehensive loss of Rs. 12.52 crores for the quarter and year ended March 31, 2024 respectively
and net cash inflows (net) of Rs. 6.91 crores for the year ended March 31, 2024, as considered in the
Statement. The consolidated financial results also includes the Group's share of profit after tax of Rs. 57.87
crores and Rs. 268.38 crores for the quarter and year ended March 31, 2024 respectively and Total
comprehensive income of Rs. 58.94 crores and Rs. 257.71 crores for the quarter and year ended March 31,
2024 respectively, as considered in the Statement, in respect of one associate, whose financial information
have not been audited by us. These financial statements/ financial information have been audited by other
auditors whose reports have been furnished to us by the Management and our opinion and conclusion on
the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries
and associates, is based solely on the reports of the other auditors and the procedures performed by us as
stated under Auditor's Responsibilities section above.

• 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 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 related 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 report on the Statement is not modified in respect of the above matters.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm's Registration No. 117366W/W100018)

Vijay Agarwal
Partner

uy (Membership No. 094468)

UDIN: IL/ es 9 4 Li 4 6 g K c ol c62.1)

Place: Shimla
Date: May 8, 2024
 It Hero
HERO MOTOCORP LIMITED
Statement of Consolidated Financial Results for the quarter and year ended March 31, 2024
Rupees in crore unless otherwise stated)
Quarter ended Year ended
March 31, December 31, March 31, March 31, March 31,
Particulars
2024 2023 2023 2024 2023

Audited Audited
Un-audited Audited Audited
refer note 12 refer note 12
Income
(a) Revenue from operations 9,616.68 9,787.86 8,434.28 37,788.62 34,158.38
(b) Other income 177.33 243.57 237.54 854.54 569.01
Total income 9,794.01 10,031.43 8,671.82 38,643.16 34 727.39
2 Expenses
fel Cost of materials consumed 6,109.79 6,389.64 5,823.66 24,836.89 24,060.29
fb1 Purchase of stock in trade 126.60 118.54 17.16 484.20 47.43
[c] Changes in inventories of finished goods,
92.28 46.02 (135.17) 188.35 (163.69)
stock-in-trade and work-in-progress
fdl Employee benefils expense 663.43 618.42 572.96 2,471.55 2,250.05
(el Finance costs 7.64 22.74 19.11 76.37 104.88
[f] Depreciation and amortisation expense 196.61 193.92 179.75 757.36 697.39
[g] Other expenses 1,231.01 1,230.36 1,031.47 4,458.00 3,870.53
Total expenses 8,427.36 8,619.64 7,508.941 33,272.72 30,866.88
Profit from ordinary activities before share of profit / (loss) of 3,860.51
3 1,366.65 1,411.79 1,162.88 5,370.44
associates. tax and exceptional items (1-2)

4 Profit / (loss) from associates

Share in net profit / (loss) of associates (74.57) 44.29 (34.71) (120.25) 3.11

5 Profit before tax (3+4)-before exceptional item 1,292.08 1,456.08 1,128.17 5,250.19 3,863.62

6 Exceptional item
Expense towards VRS (refer note 6) - - - 159.99 -
7 Profit before tax (5-6)-after exceptional item 1,292.08 1,456.08 1,128.17 5,090.20 3,863.62
8 Tax expense
Current tax 331.03 354.45 296.34 1,264.18 947.69
Deferred tax charge/ (credit) 17.59 10.51 21.03 83.86 116.03
Total tax expense 348.62 364.96 317.37 1,348.04 1,063.72
9 (Profit after tax (7-8) 943.46 1,091.12 810.80 3,742.16 2.799.90
10 Other comprehensive income /(loss)
i. Items that will not be reclassified to profit or loss
[a] Re-measurement gains/(losses) on defined benefit
(20.05) (3.32) (6.96) (30.00) (12.64)
plans
[1)] Income tax effect 5.03 0.83 1.71 7.51 3.15
[c] Share of Other comprehensive income of associates (1.14) (0.25) 0.06 (1.55) 0.56

ii. Items that will be reclassified to profit or loss

[a] Exchange differences in translating the financial

4.23 (4.61) (8.45) 1.92 (34.43)
information of foreign operations
Doi Income tax effect (1.06) 1.16 2.07 10.481 8.45

[c] Share of Other comprehensive income of associates 1.11 (6.91) 6.12 (10.26) 0.04

Total Other comprehensive income /(loss), net of tax (11.88) (13.10) (5.45) (32.86) (34.87)

11 Total comprehensive income, net of tax (9+10) 931.58( 1,078.02 805.35 3,709.30 2,765.03
12 Net Profit attributable to
a) Owners of the Company 935.01 1,093.41 805.12 3,744.83 2,809.96
b) Non controllina interest 8.45 (2.29) 5.68 (2.67) (10.061
13 Other comprehensive income attributable to
cl Owners of the Company (11.511 (12.34) (2.281 (32.761 121.95)
b) Non controlling interest (0.37) (0.76) (3.17) (0.10) (12.92)
14 Total comprehensive income attributable to
a) Owners of the Company 923.50 1,081.07 802.84 3,712.07 2,788.01
b) Non controlling interest 8.08 (3.05) 2.51 (2.77) (22.98)
15 Paid-up equity share capital 39.98 39.98 39.97 39.98 39.97
Face value of the share ( In Rupees ) 2.00 2.00 2.00 2.00 2.00
16 (Other equity 17 658.94 16,615.60
Earning per equity share on profit after tax
17
(face value Rs. 2/- each) [In Rupees]
Basic 46.78 54.71 40.29 187.36 140.62
Diluted 46.70 54.59 40.25 187.04 140.49
*Basic and Diluted earnings per share (EPS) for all periods except year ended March 31, 2024 & March 31. 2023 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
 Hero
1.Consolidated Statement of Assets and Liabilities
(Rupees in crore unless otherwise stated)
As at As at
Particulars
March 31, 2024 March 31, 2023
ASSETS Audited Audited

1 Non-current assets
(a) Property, plant and equipment 5,212.58 5,159.42
(b) Capital work-in-progress 127.16 122.09
(c) Right of use of assets 475.97 481.28
(d) Other Intangible assets 543.65 518.50
(e) Intangible assets under development 356.90 331.62
(f) Equity accounted investment in associates 3,083.59 2,618.70
(g) Financial assets
(i) Investments 5,362.57 4,600.38
(ii) Loans 21.15 19.87
(iii) Others 189.44 206.09
(h) Income tax assets (net) 335.68 270.69
(i) Other non-current assets 128.65 153.06
Total non-current assets 15,837.34 14,481.70
2 Current assets
(a) Inventories 1,755.90 1,756.39
(b) Financial assets
(i) Investments 4,305.08 3,671.85
(ii) Trade receivables 2,630.22 2,719.47
(iii) Cash and cash equivalents 604.91 226.30
(iv) Bank balances other than (iii) above 91.56 196.50
(v) Loans 24.56 23.71
(vi) Others 423.53 571.65
(c) Other current assets 479.69 269.46
Total current assets 10,315.45 9,435.33
Total assets 26,152.79 23,917.03
EQUITY AND LIABILITIES

1 Equity
(a) Equity Share capital 39.98 39.97
(b) Other equity 17,658.94 16,615.60
Total Equity attributable to owners of the company 17,698.92 16,655.57
2 Non-controlling interests 135.65 125.06
Total equity 17,834.57 16,780.63
LIABILITIES
3 Non-current liabilities
(a) Financial liabilities
(i) Borrowings 20.09
(ii) Lease Liability 199.13 219.67
(iii) Other Financial Liabilities 178.13 196.29
(b) Provisions 322.46 201.94
(c) Deferred tax liabilities (net) 570.13 485.79
Total non-current liabilities 1,269.85 1,123.78
4 Current liabilities
(a) Financial liabilities
(i) Borrowings 363.43 293.15
(ii) Lease Liability 43.85 34.63
(iii) Trade payables
Total outstanding dues of micro and 18.74 2.44
small enterprises
Total outstanding dues of creditors other than 5,604.16 4,757.70
micro and small enterprises
(iv) Other financial liabilities 254.90 169.93
(b) Other current liabilities 603.85 562.09
(c) Provisions 159.44 192.68
Total current liabilities 7,048.37 6,012.62
Total equity and liabilities 26,152.79 23,917.03

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
 ID, Hero
2. Consolidated Statement of Cash Flows

Particulars Year ended Year ended

March 31, 2024 March 31, 2023
Audited Audited
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit after tax and share in profit/(loss) of associates 3,742.16 2,799.90
Adjustments for:
Add: Depreciation and amortisation expense 757.36 697.39
Tax expense 1,348.04 1,063.72
Loss on property, plant and equipments sold/discarded 5.57 4.83
Finance cost 76.37 104.88
Employee stock compensation cost 23.74 16.04
Loss allowance on trade receivables 19.66 10.33
2,230.74 1,897.19
Less: Interest income on financial assets carried at amortised cost 301.31 260.81
Dividend income 18.59 2.28
Profit on sale of investments 120.82 111.80
Gain on investments carried at fair value through profit or loss 403.01 188.51
Share of profit/(loss) in associates (120.25) 3.11
Profit on sale of property, plant and equipments 6.27 5.56
Net Foreign currency translation (1.92) 34.43
727.83 606.50

Operating profit before working capital changes 5,245.07 4,090.59

Changes in working capital:
Adjustment for (increase)/decrease in operating assets:
Inventories 0.49 (283.98)
Trade receivables 69.59 (571.31)
Loans-Current (0.85) (0.90)
Loans-Non-Current (1.28) (2.44)
Other financial assets 164.78 (277.24)
Other current assets (210.23) 4.00
Other non-current assets 7.05 2.97
29.55 (1,128.90)
Adjustment for increase/(decrease) in operating liabilities:
Trade payables 862.72 417.05
Other financial liabilities-Current 8.35 4.19
Other current liabilities 41.76 65.77
Current provisions (33.24) 0.89
Non current provisions 98.03 20.81
977.62 508.71
Cash generated from operations 6,252.24 3,470.40
Less: Direct taxes paid (net of refund) 1329.17 856.56
Net cash generated from operating activities 4,923.07 2,613.84

B. CASH FLOW FROM INVESTING ACTIVITIES

Capital expenditure on property, plant and equipment, intangible assets, capital (787.89) (604.25)
work in progress and intangible assets under development including capital
advances
Proceeds from sale of property, plant and equipment 10.70 42.88
Deposits (made)/ withdrawn 97.96 (79.92)
Sale of investments other than associates 45,306.67 45,336.01
Purchase of investments other than associates (46,178.27) (44,433.15)
Dividend income received from associates 42.47
Investment in associates (639.41) (962.50)
Interest income on financial assets carried at amortised cost 301.31 277.32
Dividend income 18.59 2.28
Net cash used in investing activities (1,827.87) (421.33)

C. CASH FLOW FROM FINANCING ACTIVITIES

Interest paid (76.37) (104.88)
Repayment of lease liabilities (1 1.32) (7.02)
Dividend paid (2702.09) (1,998.33)
Additions to minority interest 12.58
Proceeds from issue of equity share capital (including securities premium) 10.41 3.24
(Repayment)/proceeds of non current borrowings (20.09) (16.08)
Proceeds of current borrowings 70.29 (24.16)
Net cash used in financing activities (2,716.59) (2,147.23)
D. DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C) 378.61 45.28

Cash and cash equivalents at the beginning of the period 226.30 181.02
Cash and cash equivalents at the end of the period 604.91 226.30

Hero IVictoCorp 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
3 The above 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 Consolidated financial results for the quarter and year ended March 31, 2024 have been reviewed and recommended by
the Audit Committee and approved by the Board of Directors in their meetings held on May 08, 2024.

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%

6 During the quarter ended June 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 year ended March 31, 2024, 34,588 and 82,023 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 March 31, 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., HMCL Niloy Bangladesh Limited (subsidiaries of HMCL Netherlands B.V.)

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

9 During the current quarter and year ended March 31, 2024, the Company has further invested in its subsidiaries & associate. Details are
as follows:

Name of the Company Nature Quarter ended Year ended

31-03-2024 31-03-2024

HMCL Netherlands B.V Subsidiary - 22.50

HMC MM Auto Limited Subsidiary 15.00
Ather Eneray Pvt. Ltd. Associate 139.41 639.41
Total 139.41 676.91

10 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.

11 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 hove 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.

12 The figures for the current quarter ended March 31, 2024 and quarter ended March 31, 2023 are the balancing figures between the
audited figures for the year ended March 31, 2024 and March 31, 2023, respectively and published results figures upto nine months
ended December 31, 2023 and December 31, 2022, respectively which were subjected to limited review. Previous period/year figures
have been regrouped/ reclassified wherever necessary.

13 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 direc

Shimla DR. PAWAN MUNJAL

May 08, 2024 Executive Chairman
DIN : 00004223

Her otoGsrp 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
 May 8, 2024
It Hero
Asst. Vice President, Listing Deptt. The Secretary,
National Stock Exchange of India Ltd., BSE Limited
Exchange Plaza, Plot C/1, G Block 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.: Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 - Declaration in respect of Audit Reports with unmodified
opinion for the financial year ended March 31, 2024

Dear Sir(s),

Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015 and SEBI Circular no. CIR/CFD/CMD/56/2016 dated May
27, 2016, we hereby declare that the Statutory Auditors of the Company, M/s. Deloitte
Haskins & Sells LLP, Chartered Accountants, have issued Audit Reports with unmodified
opinion on audited financial results of the Company (standalone & consolidated) for the
quarter and year ended March 31, 2024.

Kindly take this declaration on your records.

For Hero MotoCorp Limited

o Vivek Anand
Chief nancial Officer

Hero
Hero MotoCorp Ltd. tir
Regd. Office: The Grand Plaza, Plot No.2, Nelson Mandela Road,
Vasant Kunj - Phase -II, New Delhi - 110070, India
MILLIDP4
Tel. +91-11-46044220, Fax +91-11-46044399
Email:corporate.communication@heromotocorp.com
www.heromotocorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J
 i ; Hero
Press Release

Shimla, May 08, 2024

HERO MOTOCORP REPORTS Q4 REVENUE OF

RS.9,519 CRORE, UP 15% AND PAT AT RS.1,016
CRORE, UP 18%

RECORDS HIGHEST EVER REVENUE AND PAT FOR

THE YEAR

DECLARES FINAL DIVIDEND OF RS. 40 PER SHARE

TOTAL DIVIDEND (INTERIM+FINAL) RS. 140 PER
SHARE i.e. 7000%
Highlights for Q4 FY’24 (Jan‐Mar’24) Highlights for FY’24 (April‐March’24)
 Volume – 13.92 lakh units of  Volume – 56.21 lakh units of
motorcycles and scooters sold in Q4 motorcycles and scooters sold in
FY’24 (Vs 12.70 lakh units Q4 FY’23) FY’24 (Vs 53.29 lakh units FY’23)
 Revenue from operations – Rs.9,519  Revenue from operations – Rs
Crore, a growth of 15% over the 37,456 Crore, a growth of 11%
corresponding quarter in the over the previous year
previous fiscal  Earnings before Interest, Tax,
 Earnings before Interest, Tax, Depreciation, & Amortization
Depreciation & Amortization (EBITDA) for FY’24 stands at Rs.
(EBITDA) for Q4 FY’24 stands at Rs. 5,256 Crore, growth of 32%
1,359 Crore, growth of 25%  Profit Before Tax (PBT) before
 Profit before tax (PBT) at Rs. 1,350 exceptional item at Rs.5,418
Crore, growth of 18% Crore, growth of 40%
 Net Profit After Tax (PAT) –  Net Profit After Tax (PAT) – Rs.
Rs.1,016 Crore, growth of 18% 3,968 Crore, growth of 36%

Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, today
reported its financial results for the fourth quarter (January – March 2024) of FY’24.

The company declared a final dividend of Rs. 40/- per share. 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 aggregate total dividend for the year 2023-
24 to Rs. 140 per equity share i.e. 7000%

The company's Revenue from Operations for the quarter stood at Rs. 9,519 Crore, (vs Rs
8,307 Crore) reflecting a growth of 15%.
 i ; Hero
Press Release

EBIDTA margin for the quarter was at 14.3%, reflecting an improvement of 120 bps y/y
basis, driven by product mix, lower commodity costs, higher savings, and judicious price
increases.

Net Profit for the quarter was at Rs. 1,016 Crore, reflecting a growth of 18% over Rs 859
Crore reported in previous year.

Consolidated Revenue for the quarter stood at Rs.9,617 Crore, a growth of 14% over
previous year and PAT at Rs.943 Crore, a growth of 16% over previous year.

Mr. Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said, “The financial
year 2024 has been a remarkable period for Hero MotoCorp. During the year, our focus on
product launches, network upgrade and customer satisfaction drove us to new heights. From
the highest number of product launches, to the expansion of new format retail outlets and
upgrade at super speed, to a digital‐first approach in premium, we set the building blocks in
place for accelerated growth in future. Our fiscal prudence and strategic actions ensured that
our financial performance has been robust, resulting in highest ever annual revenue and
Profits.

“Moving forward, we expect the macro‐economic factors to aid the industry’s growth. With
commodity prices remaining stable, expectations of normal monsoons, and government
spending expected to increase, we see multiple tailwinds for the sector over the upcoming
quarters. We will be driving market share gains on the back of our launches in premium and
125 cc segment done in FY 24. Further, we are going to boost scooter portfolio by launching
Xoom 125 cc and Xoom 160 cc in first half of the fiscal. Coming year will see us taking big strides
in EV, through product launches in mid and affordable segment. Overall, we see a very positive
outlook for upcoming years.”

During the year, Hero MotoCorp made a huge impression in the premium motorcycle
segment by launching as many as six new products – Xtreme 125R, Xtreme 200S, Xtreme
160R 4V, Harley-Davidson X440, Karizma XMR and the Mavrick 440. Additionally, with
multiple launches in other categories, it created an exciting portfolio of motorcycles and
scooters for the customers. The company also upgraded its retail network with new-age
Premia outlets and the launch of over 400 Hero 2.0 stores.

In keeping with its aggressive product strategy, the company also unveiled its exciting future
roadmap at the EICMA Motor Show in Milan and at its own bi-annual event Hero World. The
Company showcased the world's first class-convertible vehicle - Surge S32, path-breaking
EV concepts - Lynx and Acro – flex-fuel options for popular motorcycle models and its
upcoming range of scooters - Xoom (125 & 160), new VIDA V1 and V1 Coupe.

The company expanded its emerging mobility brand, VIDA, Powered by Hero, to over 100
cities in the country and along with Ather Energy has also expanded the charging network
to over 2000 charging points in over 100 cities. Hero MotoCorp bolstered some of its key
international markets such as Nepal, Costa Rica, by appointing new distributor partners.
 i ; Hero
Press Release

In a historic achievement for Indian manufacturing and sports, Hero MotoSports Team Rally,
the rally-racing team of Hero MotoCorp, clinched the second position at the famed Dakar
Rally 2024. This is the first time an Indian team has made it to the podium of Dakar.

Highlights | April 2023 – March 2024

Product Strategy Launches -
 Debut of the Mavrick 440 in the upper-premium segment
 First motorcycle with Harley-Davidson – Harley-
Davidson X440
 Iconic Karizma in its all-new avatar – the Karizma XMR
 Invigorated the 125cc segment with the launch of Hero
Xtreme 125R
 New Xtreme 160R 4V
 Highest-ever festive retail sales, clocking more than 14
lakh (1.4 million) units during the 32-day festive period
 Expansion of Premia outlets and Hero 2.0 stores
Electric Mobility  Expanded presence of VIDA to over 100 cities
 Set-up country’s largest Charging Infrastructure, along
with Ather Energy, with 2000 charging points across 100
cities
 Unveiled world’s first class-convertible vehicle - Surge
S32
Leadership  Appointed Vivek Anand as Chief Financial Officer
appointments  Appointed Rachna Kumar as Chief Human Resources
Officer
Global Business  Appointed CG Motors as distributor in Nepal and
established an assembling facility
 Appointed Motorsport SA as its distributor in Costa Rica
CSR Initiatives  Gurugram manufacturing facility received the prestigious
CII National Award for Excellence in Water Management
under ‘Within the Fence’ category
 Partnered with the Navy Welfare and Wellness
Association (NWWA) to support their community
development initiatives
Sports Initiatives  Hero MotoSports Team Rally Secured second place at the
Dakar Rally 2024
 Aaron Marè secured a spectacular victory for Hero
MotoSports marking the first triumph at a World
Championship race
 Company hosts the Hero World Challenge, Hero Dubai
Desert Classic, Hero Indian Open and Hero Women’s
Indian Open
 Hero
Press Release

**********

For more information on Hero MotoCorp: Press Contact:

corporate.communication@heromotocorp.com
 Hero
Annexure-A

(i) Name of the target entity, details in brief Hero MotoCorp do Brasil Ltda. or
such as size, turnover etc.; any other name as may be approved
by the authorities in Brazil.

Size, turnover etc.: Nil (yet to

commence operations)
(ii) Whether the acquisition would fall within The proposed entity being a wholly
related party transaction(s) and whether owned subsidiary will be a related
the promoter/ promoter group/ group party, post incorporation.
companies have any interest in the entity
being acquired? If yes, nature of interest and Save and except as mentioned above,
details thereof and whether the same is the Promoter / promoter group /
done at “arm’s length”; group companies are not interested
in the transaction.
(iii) Industry to which the entity being acquired Automobile
belongs;
(iv) Objects and impact of acquisition (including The line of business relates to
but not limited to, disclosure of reasons for manufacturing and distribution of
acquisition of target entity, if its business is two-wheeler vehicles including
outside the main line of business of the parts and accessories thereof.
listed entity);
(v) brief details of any governmental or There is no acquisition involved. The
regulatory approvals required for the entity will be incorporated subject to
acquisition; the receipt of necessary
(vi) indicative time period for completion of the governmental and regulatory
acquisition; approvals, as applicable.
(vii) consideration - whether cash consideration It is a formation of subsidiary, where
or share swap or any other form and details investment will be done in phases.
of the same;
(viii) cost of acquisition and/or the price at which As explained in point no. vii above.
the shares are acquired;
(ix) percentage of shareholding / control The proposed entity will be a wholly
acquired and / or number of shares owned subsidiary.
acquired;
(x) brief background about the entity acquired Not applicable as the wholly owned
in terms of products/line of business subsidiary is proposed to be
acquired, date of incorporation, history of incorporated.
last 3 years turnover, country in which the
acquired entity has presence and any other
significant information (in brief)

N! Hero
Hero MotoCorp Ltd.
Regd. Office: The Grand Plaza, Plot No. 2, Nelson Mandela Road,
Vasant Kunj - Phase - II, New Delhi - 110070, India
Tel. +91-11-46044220, Fax +91-11-46044399 MILLION
Email: corporate.communication@heromotocorp.com
www.heromotocorp.com CIN: L35911DL1984PLC017354 PAN: AAACH0812J