Hero Honda quarterly net increases 79%, beats forecast
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.
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%.