Hero MotoCorp's fourth quarter net profit down 5 percent

New Delhi, April 26 (IANS) Two-wheeler major Hero MotoCorp Friday reported a 4.86 percent decline in net profit for the quarter ended March 31, 2013 which stood at Rs.574.23 crore.

The company had reported a net profit of Rs.603.59 crore in the corresponding period of the last fiscal.

However, the company's net income in the quarter under review was marginally up 1.83 percent at Rs.6,145.75 crore from Rs.6,034.93 crore in the corresponding period of the last fiscal.

For the last fiscal, the company's net profit stood at Rs.2,118.16 crore, down 10.93 percent from Rs.2,378.13 crore in the 2011-12.

The company's net total income was marginally up by 0.80 percent at Rs.23,768.11 crore from Rs.23,579.03 crore during 2011-12.

"FY'13 (2012-13) has been a rough year for the overall Indian auto sector. Weak macroeconomic sentiment coupled with subdued consumer confidence adversely impacted the industrial growth and sales volumes," Pawan Munjal, managing director and chief executive, Hero MotoCorp, said in a statement.

"However, having sold over 60 lakh two-wheelers in just 12 months, we have sustained our performance during the period."

The company also hiked prices of its products from Rs.500 to Rs.1,500 with immediate effect.

According to Munjal, the company has planned to accelerate growth in the new financial year.

"We have planned major initiatives to boost the industry sentiment and accelerate growth in the new financial year, mainly through new launches, campaigns, capacity addition and network expansion," Munjal added.

The company's scrip at the Bombay Stock Exchange (BSE) closed the day's trade down 1.42 percent or 23.05 points at Rs.1,596.95 per share from Rs.1,620.00, its previous close Thursday.