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Hero MotoCorp Q4 net declines over 3 percent

Posted on May 28 2014 | IANS

New Delhi, May 28 : Two-wheeler major Hero MotoCorp Wednesday reported a 3.44 percent decline in its standalone net profits for the fourth quarter ended-March.

The company recorded a net profit of Rs.554.43 crore during the January-March quarter as against that of Rs.574.23 crore in the same quarter of previous fiscal.

"Riding on its highest-ever quarterly sales of 15,89,462 units of two-wheeler for the period, the company's total turnover (Net sales and other Operating Income) in the quarter grew to Rs 6512.96 crore, a growth of 6 percent over Rs.6145.75 crore recorded in the corresponding quarter in last fiscal", Hero MotoCorp said in a release here.

For the financial year ended March, the company's net profit was at Rs.2.109.08 crore down marginally from Rs.2,118.16 crore in the previous fiscal.

"FY'14 was all about setting new benchmarks, which culminated with the sales of 6.25 million during the year, our highest-ever sales for any financial year," chief executive Pawan Munjal said.

"The industry continued to witness tepid growth in FY14. The numbers are reflective of our new strategic approach focused on brining path-breaking technologies and consolidating our leadership", he added.

Hero MotoCorp stock closed Wednesday at Rs.2350.30 a share, 47.90 points, or 2.08 percent, higher than its previous close on the BSE.

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