Hero MotoCorp Q4 profit falls 15% to `620 cr

Punjab National Bank collected around Rs 268 crore as ATM transaction charges and annual maintenance fee on debit cards during 2019-20, according to an RTI reply. The public sector lender collected Rs 152.88 crore from customers by levying annual maintenance charges (AMC) on debit cards while Rs 115.21 crore was garnered by levying a fee on ATM transactions, the bank said in a response to an RTI query.

The finance ministry has proposed to decriminalise many minor offences, including those relating to cheque bounce and repayment of loans, in 19 legislations. The legislations include Negotiable Instruments Act (cheque bounce), Sarfaesi Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act. The ministry has invited comments of stakeholders by June 23.

Hero MotoCorp, India’s biggest motorcycle maker’s net profit fell 15 per cent at Rs 621 crore in the fourth quarter ended March as a pandemic induced lockdown in March ate into the firm’s already struggling sales.

The automaker has clocked a net profit of Rs

730.32 crore in same period last year.

Revenues fell 21 per cent to Rs 6,238.4 crore impacted by lower sales volumes, which declined 25 per cent year-on-year to 13.35 lakh units during the March quarter.

Earnings before interest, tax, depreciation and amortisation (Ebitda) plunged 38.3 per cent to Rs

660 crore.

“FY20 was a challenging year for the auto industry globally. As we now rapidly scale-up operations post the lockdown, it will be critical that the industry receives support from all quarters,” Pawan Munjal, Chairman and CEO at Hero MotoCorp, said.

Profit in FY20 grew 7.3 per cent to Rs 3,633 crore, but revenue from operations declined 14.3 per cent to Rs 28,836 crore compared to the previous year.