NEW DELHI, July 24 Hero MotoCorp Ltd,
India's largest motorcycle maker, posted a 10.7 percent fall in
its first-quarter profit, the fourth straight quarterly decline,
as margin benefits from price increases were offset by sluggish
Hero reported a net profit of 5.49 billion rupees ($92
million) for the three months to end-June, compared with 6.15
billion rupees a year earlier. Net sales fell to 61.27 billion
rupees from 62.47 billion rupees.
Analysts on average had forecast a profit of 5.5 billion
rupees, according to Thomson Reuters I/B/E/S.
Hero's vehicle sales dropped 4 percent in the domestic
market during the quarter, hurt by fuel price increases and
subdued economic growth, according to data from the Society of
Indian Automobile Manufacturers.
Hero and its local rival Bajaj Auto Ltd are also
facing increased competition from Honda Motor Co, which
has been gaining ground in a market where two-wheelers account
for the majority of passenger vehicles.
($1 = 59.7650 Indian rupees)
(Reporting by Aradhana Aravindan; Editing by Prateek