Country’s largest two-wheeler maker Hero MotoCorp today posted a 36.50 per cent jump in its net profit at Rs 795.81 crore for the December quarter helped by boost in other operating income.
The company had registered a profit of Rs 582.98 crore during the same period last fiscal.
Net sales grew by 5.61 per cent to Rs 7,174.16 crore during the period as against Rs 6,792.51 crore in the same quarter of the previous fiscal, Hero MotoCorp said in a BSE filing.
During the quarter, company’s total sales stood at 16,90,354 units, an increase of 2.53 per cent.
Hero MotoCorp’s other operating income in the quarter under review stood at Rs 120.62 crore as against Rs 46.74 crore reported in the corresponding year-ago period.
Commenting on the results, Hero MotoCorp Chairman & Managing Director Pawan Munjal said: “The domestic two-wheeler market continues to be sluggish; expect sentiments to remain subdued for the next couple of quarters. Demand in rural markets has been severely impacted due to two consecutive sub-normal monsoons.”
He further said: “We may see a positive turnaround towards the second half of the next fiscal if we have good monsoon and sentiments change in the rural market.”
Hero MotoCorp shares closed at Rs 2,498.45 apiece on the BSE, down 1.92 per cent from previous close.