Millennium Post

Hero MotoCorp second quarter net down by 27%

The country’s largest two-wheeler maker Hero MotoCorp on Tuesday reported 27.01 per cent decline in net profit for the second quarter ended 30 September at Rs 440.58 crore as sales declined.The company had posted a net profit of Rs 603.62 crore in the same quarter last fiscal.Net income during the second quarter this fiscal stood at Rs 5,187.46 crore, down 10.96 per cent from Rs 5,826.15 crore in the corresponding period last year.’The two-wheeler market in the country has been adversely impacted due to the overall market slowdown and prevailing sentiments since the beginning of this quarter,’ Hero MotoCorp managing director and chief executive officer Pawan Munjal said.Sensing the slowdown in the market, the company adjusted production plans in August and September and this has been reflected in the quarterly sales figures, he added.
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