Hero MotoCorp Q3 net rises 8% - Times of India

The author has posted comments on this articleTNN | Jan 31, 2014, 06.34AM IST

NEW DELHI: Hero MotoCorp reported an 8% increase in net profit at Rs 525 crore in the third quarter, buoyed by robust sales. The company had posted a profit of Rs 488 crore in the same period of the previous financial year.

Net sales rose to Rs 6,846 crore from Rs 6,151 crore a year earlier, the company said. Hero MotoCorp sold 16.8 lakh two-wheelers in the last quarter, compared with 15.7 lakh in the year-ago period. "We have been able to post solid sales in the quarter in a relatively dull market and our profit and total turnover figures are up from the corresponding quarter last year," Hero MotoCorp MD & CEO Pawan Munjal said.

However, the company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) has been affected by the partial recovery of rising metal costs and currency fluctuations, he added. "Wh ile the industry is under constant pressure due to a number of reasons, we are confident of and committed to deliver value to our stakeholders," Munjal said.

The company said it started dispatching vehicles to new markets such as Tanzania, Uganda, Burundi, Egypt, Ecuador and Bangladesh during the quarter.

The company is preparing to set up a manufacturing unit in Colombia to cater to the Latin American markets. In the first quarter of 2014, Hero MotoCorp will enter Ethiopia, Turkey and Nicaragua.

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