Hero MotoCorp soars on upbeat Q4 earnings
The company said it has hiked prices ranging from Rs. 500 to Rs. 1,500 across all models with effect from April 26.
Hero MotoCorp has rallied 5% to Rs 1,671 after the world largest two-wheeler manufacture reported a better-than-expected net profit of Rs 574 crore for the fourth quarter ended March 2013 (Q4). Analyst on an average had expected profit of Rs 502 crore.
However, the company's net income during the fourth quarter of FY2012-13 went up by 1.84% to Rs 6,146 crore from Rs 6,035 crore in the year-ago period, Hero MotoCorp said in a statement.
The operating profit margin improved by 120bp to 13.8% on sequential basis was largely due to the depreciation of Yen against Indian rupee which led to significant savings on the raw-material front.
Meanwhile on announcements of results on Friday April 26, the company said it has hiked prices ranging from Rs. 500 to Rs. 1,500 across all models with immediate effect.
The stock opened at Rs 1,645 and hit a high of Rs 1,684 on BSE. A combined 322,498 shares have changed hands on the counter so far on BSE and NSE.
However, the company's net income during the fourth quarter of FY2012-13 went up by 1.84% to Rs 6,146 crore from Rs 6,035 crore in the year-ago period, Hero MotoCorp said in a statement.
The operating profit margin improved by 120bp to 13.8% on sequential basis was largely due to the depreciation of Yen against Indian rupee which led to significant savings on the raw-material front.
Meanwhile on announcements of results on Friday April 26, the company said it has hiked prices ranging from Rs. 500 to Rs. 1,500 across all models with immediate effect.
The stock opened at Rs 1,645 and hit a high of Rs 1,684 on BSE. A combined 322,498 shares have changed hands on the counter so far on BSE and NSE.