Hero MotoCorp Q1 net up 2.58 per cent at Rs 562.76 crore

Country's largest two-wheeler maker Hero MotoCorp today reported 2.58 per cent increase in its net profit at Rs 562.76 crore for the first quarter ended June 30, 2014.
The company had posted a net profit of Rs 548.58 crore during the same period of previous fiscal.
The company also announced elevation of its current MD and CEO Pawan Munjal as the Vice Chairman and Managing Director of the company.
Net sales of the company went up by 14.24 per cent to Rs 6,999.4 crore for the first quarter, as against Rs 6,126.84 crore during the same period of previous financial year, Hero MotoCorp said in a statement.

In terms of volumes, the company's total sales during the quarter stood at 17,15,254 units, up 10 per cent from 15,59,282 units sold in the same period of previous fiscal.
Commenting on the result, Munjal 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 rest of the fiscal," he added.
The company has also declared an interim dividend of Rs 30 per equity share.
Although the company announced its quarterly results after the market hours, shares of Hero MotoCorp closed at Rs 2854.20 on the BSE, down 0.86 per cent from its previous close.