Hero Honda quarterly net increases 79%, beats forecast

Hero Honda Motors Ltd, India's largest motorcycle maker, on Monday reported a 79% rise in quarterly net profit, beating forecasts, on higher sales.

The company, in which Japan's Honda Motor Corp holds 26% stake, reported net profit of Rs5.36 billion ($116 million), up from three billion a year earlier.

Net sales rose to Rs38.14 billion from Rs28.74 billion year-ago.

A Reuters poll of 13 brokerages had forecast net profit at Rs5.07 billion on net sales of Rs37.94 billion.

The company sold 1.1 million motorcycles and scooters in the quarter, up 35.5% from a year earlier.

Shares in Hero Honda, valued at $7.1 billion, rose 35.5% in the December quarter, while the main index rose 2%.