Hero Honda net profit up 49.9 percent

October 21st, 2008 - 6:16 pm ICT by IANS  

New Delhi, Oct 21 (IANS) Motorcycle major Hero Honda Motors Ltd has posted a net profit of $68.06 million for the second quarter this fiscal, compared to $45.4 million in the corresponding period last year, clocking a growth of 49.9 percent.Hero Honda’s total income grew 35.6 percent, grossing $711.5 million in the quarter, a company statement said.

“Even in this volatile environment, our topline continues to outpace the industry growth, our market share is at an all-time high and the financial balance sheet is a delight,” Hero Honda chief executive Pawan Munjal said.

On a cautious note, he added: “We will have to keep a close watch on the commodity prices movement, and other factors such as inflation, interest rate scenario and availability of retail finance. These factors will play a crucial role in the industry growth.”

Hero Honda’s cumulative sales for the July-September quarter stood at 972,095 units, marking a growth of 28.5 percent.

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