India's largest two-wheeler manufacturer, Hero MotorCorp, on Tuesday reported a better-than-expected 19.4% year-on-year jump in net profit at Rs 604 crore for the quarter ended September 30. The company had posted a net profit of Rs 506 crore in the corresponding period last year.
The firm's total income during the quarter also grew by 27.6% to Rs 5,909 crore on the back of a 20% growth in sales of two wheelers at over 1.5 million units during the period.
"This performance has come despite the rising food inflation and fuel costs. These two areas remain a concern for the industry, as it might adversely impact consumer spending in the coming months," said Pawan Munjal, MD & CEO, Hero MotoCorp.
"However, we remain confident of carrying forward the buoyancy in our sales. We expect our retail volumes to peak during the festive month of October and we have been augmenting capacity at our existing plants," said Munjal.