| The country's largest two-wheeler maker Hero MotoCorp today reported a 7.53 per cent increase in profit after tax to Rs 524.66 crore for the third quarter ended December 31 on robust sales.
The company had posted a profit of Rs 487.89 crore in the same period of the previous financial year.
Net sales rose to Rs 6,845.91 crore from Rs 6,151.31 crore a year earlier, the company said in a statement.
Hero MotoCorp sold 16,80,940 two-wheelers last quarter, compared with 15,73,135 units in the year-ago period.
"We have been able to post solid sales in the quarter in a relatively dull market and our PAT (profit after tax) and total turnover figures are up from the corresponding quarter last year," Hero MotoCorp Ltd Managing Director & Chief Executive Officer Pawan Munjal said in a statement.
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.
"While the industry overall is under constant pressure due to a number of reasons, we are confident of and committed to deliver value to our stakeholders. For this, we will continue to challenge the existing benchmarks and innovate constantly to pave the way for improved performance," 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," it added.
Hero MotoCorp shares declined 3.43 per cent to Rs 1,999.75 at the close on the BSE Sensex.
(Reuters) India's Hero MotoCorp profit rises 7.5 pct, misses estimates
Hero MotoCorp, India's largest two-wheeled vehicle maker, posted a slower-than-expected 7.5 percent rise in third-quarter profit, hurt by a rise in input costs and currency fluctuations.