The country’s largest two-wheeler manufacturer, Hero Honda Motor Ltd, beat market expectations with a 48.9 per cent jump in net profit for the quarter ended March 31, 2010.
The company’s profit during the quarter stood at Rs 598.8 crore in 2010 against Rs 402.1 crore during the same period in 2009.
The turnover for the company grew 20.2 per cent to Rs 4,122.3 crore against Rs 3,430.4 crore in 2009.
The better-than-expected performance was largely due to 18.9 per cent increase in volumes at 1.18 million units during the quarter. In 2009-10, the company sold 4.6 million units, which was well ahead of its initial guidance of crossing 4 million units.
For fiscal 2011, the company is targeting double digit growth in sales to top 5 million units.
“We have now set ourselves very ambitious milestones for the fiscal 2011. And I am confident that with the continuing growth momentum, strong capital structure and a number of strategic initiatives in the pipeline, we are well positioned to drive further growth in our business,” said Pawan Munjal, managing director and CEO, HHML.