Financial Insights

Hero MotoCorp said Rajnish Kumar, the former chairman of the State Bank of India (SBI), has been appointed to the company’s board of directors as an independent non-executive director.

Kumar completed 3 year term as Chairman of SBI in October 2020. He is credited with successfully leading banks and engaging in key technology transformations over the most difficult times.

During his tenure, the bank developed YONO, a digital platform established by SBI as a world leader in technology and innovation adoption.

Hero MotoCorp has 11 board members now including 25% women, thereby clearly exhibiting the company’s focus on diversity & inclusion, which will significantly enhance the company’s performance, the two-wheeler maker said in a statement.

Hero MotoCorp is the world’s largest manufacturer of motorcycles and scooters.

On a consolidated basis, Hero MotoCorp’s net profit dropped by 22.4% to Rs 747.79 crore on a 9.9% decline in net sales to Rs 8,538.85 crore in Q2 September 2021 over Q2 September 2020.

The scrip fell 1.71% to currently trade at Rs 2486.20 on the BSE.

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