Hero MotoCorp Q4 Net Down 3.4 Per Cent at Rs 554.43 Crore
Hero MotoCorp, India's largest two-wheeler maker, on Wednesday reported a 3.44 per cent decline in standalone net profit at Rs 554.43 crore for the fourth quarter that ended on March 31, 2014.
The company had reported a standalone net profit of Rs 574.23 crore for the corresponding quarter a year ago.
Net sales during the period under review stood at Rs 6,455.7 crore as against Rs 6,072.47 crore in the same quarter of the previous fiscal year - a growth of 6.31 per cent.
Unit volume sales were at 15,89,462 units, up from 15,27,351 in the year-ago period.
For the entire fiscal year 2013-14, Hero MotoCorp said its net profit was at Rs 2.109.08 crore, marginally lower than Rs 2,118.16 crore in the previous fiscal year.
For FY14, net sales were at Rs 25,124.91 crore as against Rs 23,582.74 crore in the previous year.
Unit volume sales were up 62,45,960 units as against 60,75,583 units in the previous fiscal year.
"The industry continued to witness tepid growth in FY14, although the sentiments did improve in the second half of the year, starting with the festival season in October," Hero MotoCorp managing director and chief executive Pawan Munjal said.
He further said, the "numbers are reflective of our new strategic approach focused on brining path-breaking technologies and consolidating our leadership".
"FY'14 was all about setting new benchmarks, which culminated with the sales of 6.25 million during the year - our highest-ever sales for any financial year," Mr Munjal said.
Commenting on the outlook, he said, "The country has just entered a new era of governance. After three long decades, a single political party has come to power with such a huge majority, and it is clearly a mandate for good governance, development and inclusive growth.
"With the new government expected to speed up the reforms process and improve the investment climate, we look forward to a revival of the economy and the industry this year."
Although the company's financial performance was announced much after the market hours, Hero MotoCorp shares ended the day at Rs 2,350.30 apiece, up 2.08 per cent from the previous close on the BSE.
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