Hero MotoCorp shares fall over 2% after earnings announcement
New Delhi:
Hero MotoCorp shares fell over 2 per cent on Friday after the company’s consolidated net profit fell by 9 per cent for the second quarter ended September 30.
The stock closed at Rs 2,588.20, down 2.19 per cent on the BSE. It closed at Rs 2,573.45, down 2.74 per cent during the day.
On the NSE, it closed at Rs 2,598, down 1.82 per cent.
Hero MotoCorp on Thursday reported a 9 per cent decline in its consolidated net profit at Rs 682 crore for the second quarter ended September 30, mainly on account of increased expenses and a marginal decline in sales during the period.
The country’s largest two-wheeler maker had reported a net profit of Rs 748 crore in the July-September period of the last financial year.
Hero MotoCorp said in a regulatory filing that revenue from operations increased to Rs 9,158 crore in the September quarter from Rs 8,539 crore in the year-ago period.
The company’s total expenses during the quarter under review grew by 9 per cent to Rs 8,292 crore from Rs 7,641 crore in the previous year.
The two-wheeler maker said it sold 14.28 lakh units of motorcycles and scooters in the September quarter, as against 14.38 lakh units last year.
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