Hero MotoCorp's net profit rises 2.58 percent

Two-wheeler manufacturer Hero MotoCorp Tuesday announced an increase of 2.58 percent in its profit after tax for the first quarter of the current fiscal.

The company's profit-after-tax (PAT) stood at Rs.562.76 crore from Rs.548.58 crore in the corresponding quarter of last fiscal (April-June 2013).

The PAT stood at Rs.554.43 crore in the previous quarter (January-March 2014).

According to the company, its income in the period under review grew by 13.99 percent at Rs.7,149.59 crore from Rs.6,271.78 crore for the quarter ended June 30, 2013.

The company further said that its board had elevated Pawan Munjal, currently managing director and chief executive Officer of the company to the newly-created position of vice chairman of the company.

"I am grateful to the members of the board and all stake holders of the company in reposing their faith and confidence in me with a larger responsibility," Pawan Munjal, vice chairman, Hero MotoCorp said.

"We have continued to sustain our robust volume growth despite the overall sluggish industry scenario. Despite the sub-normal monsoon in some parts of the country impacting sentiments, we are confident of consolidating our market leadership by clocking growth in the double-digit in the rest of the fiscal."

In the quarter under review the two-wheeler manufacturer also reported its highest-ever quarterly sales of 1,715,254 units of two-wheeler.

Company added that it will give an interim dividend of Rs.30 per share (i.e. 1,500 percent) entailing total outgo of Rs.700.87 crore inclusive of dividend distribution tax.