 "Hero MotoCorp clocks 18% growth in net profit")
Helped by increasing volumes and improving margins, the country's largest two-wheeler maker, Hero MotoCorp, has reported a growth of 18% in its net profit for the quarter ended June 30, 2016.
Net profit for the quarter rose to Rs 883 crore against Rs 747 crore in the corresponding period of last year.
Income from operations rose 7.7% to Rs 7,901 crore in the quarter against Rs 7,336 crore in the same period last year.
The company's stock price hit a fresh high of Rs 3,525 today. At the BSE, the stock was trading at Rs 3,509 at 01:12pm, up over 2% from the previous close.
Improving sentiments in the rural markets on forecast of a good rainfall helped the company grow its volumes to 1.74 million units during the quarter, up 6% from corresponding quarter of last year. The real impact of improved rural sentiments will be seen in the second half of the financial year once crops are harvested and festive demand kicks in.
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