Hero MotoCorp has dipped 5% to Rs 1,736 after reporting 20% year-on-year (yoy) decline in net profit at Rs 488 crore for the third quarter ended December 31 (Q3), due to lower sales and higher expenses. The company had posted net profit of Rs 613 crore in the same quarter of last fiscal.
Net sales grew 2.8% y-o-y at Rs 6,151 crore, while other expenses increased by 25% to Rs 625 crore during the recently concluded quarter. Analysts, on an average, were expecting net profit at Rs 585 crore and revenue of Rs 6,138 crore for the quarter.
Volume sales during the quarter were down to 1,573,135 units, as against 1,589,286 units in the year-ago period,” Hero MotoCorp said in a statement.
The stock opened at Rs 1,751 and hit a low 1,720 on the BSE. A combined 506,145 shares have changed hands on the counter so far on both the exchanges.
