India's Hero MotoCorp Q2 net falls 27 pct, misses estimates
MUMBAI Oct 23 (Reuters) - India's Hero MotoCorp, the world's largest two-wheeled vehicle manufacturer, missed estimates with a 27 percent fall in net profit for the quarter to September-end, as net sales slumped by 11 percent.
Motorcycle sales growth in India has slumped in recent months as high interest rates and rising fuel costs dampen demand, while Hero's dominant market share has been eroded by an aggressive push by former partner Honda Motor Co.
Hero said profit for the July-September period was 4.41 billion rupees ($82.3 million), below market expectations of 4.87 billion rupees, according to Thomson Reuters I/B/E/S.
($1 = 53.5750 Indian rupees) (Reporting by Henry Foy; Editing by Anupama Dwivedi)
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