Hero MotoCorp Ltd.'s net profit declined due to lower sales and higher other expenses.
The world's largest two-wheeler maker's consolidated net profit fell 8% to Rs 688.44 crore in the quarter ended September, according to its exchange filing.
The company's other expenses surged 23% year-on-year to Rs 976.5 crore.
Hero MotoCorp Q2 FY23 Highlights (Consolidated YoY):
Revenue rose 7% to Rs 9,158.23 crore.
Operating profit remained flat at Rs 1,086.47 crore.
Operating margin stood at 11.9% versus 12.7% last year.
The Splendor motorcycle-maker sold 14.28 lakh units during the quarter, slightly lower than the 14.38 lakh units sold over the same period last year.
However, the sales were 2.7% higher compared with the quarter ended June.
Shares of Hero MotoCorp closed 0.15% higher before the results were announced, compared with a 0.11% fall in the Sensex.
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