Hero MotoCorp posted a slower-than-expected 7.5 per cent rise in third-quarter profit, hurt by a rise in input costs and currency fluc...
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Hero MotoCorp posted a slower-than-expected 7.5 per cent rise in third-quarter profit, hurt by a rise in input costs and currency fluctuations.
Net profit was Rs. 525 crore for the fiscal quarter ended December, compared with Rs. 489 crore a year earlier, Hero said in a statement on Thursday.
Analysts on average expected a net profit of Rs. 604 crore, according to Thomson Reuters I/B/E/S.
While net sales rose 11 per cent to Rs. 6,880 crore, sales in volume terms rose 6 per cent from a year earlier.
Since its 2011 split from Japan's Honda Motor, Hero has been investing heavily in technology to develop new bikes. The company, like rival Bajaj Auto, has been pushing sales abroad to make up for the shrinking market share at home.
"We expect the market leader to wilt under sustained pressure from Honda and in our opinion there is too much is riding on new product launches from its untested greenfield platform," Nitesh Sharma an analyst with Espirito Santo Securities said.
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