Hero MotoCorp has reported a 19.39 per cent increase in net profit

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India’s largest two-wheeler manufacturer, Hero MotoCorp has reported a 19.39 per cent increase in net profit at Rs 603.62 crore for the quarter ended September 30. It had posted a net profit of Rs 505.60 crore in the corresponding period last year.

According to reports, total income for July-September rose to an all-time high of Rs 5,829.32 crore, up 28 per cent from Rs 4,551.95 crore in the year-ago period. Total expenditure rose 29.57 per cent to Rs 5,189.10 crore on account of increased depreciation, employee costs and rising raw material consumption. Hero sold 1544,315 units, a rise of 20 per cent over the 1285,944 units sold during July-September 2010.

The reports quoted Pawan Munjal, managing director and chief executive officer of Hero MotoCorp as saying “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. However, we remain confident of carrying forward the buoyancy in our sales.” The company recorded its highest-ever monthly sales in September at 549,625 units. It is looking at selling over six million units this financial year. “We expect our retail volumes to peak during the festive month of October, and in anticipation of rising market demand for our products in the coming months, we have been augmenting capacity at our existing plants,” Munjal said, according to reports

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