Hero MotoCorp reports 33 pct rise in Q1 profit

NEW DELHI (Reuters) - Hero MotoCorp Ltd , the world's largest seller of two-wheelers, posted a 33 percent rise in its fiscal first quarter net profit, beating analyst expectations.

The company, which sells about one in every two motorbikes in India - mainly in the countryside, said profit in the June quarter rose to 7.50 billion rupees ($117.3 million), up from 5.63 billion rupees a year earlier.

Analysts on average expected the company to post a profit of 6.83 billion rupees for the quarter.

Net sales of the company, however, fell marginally to 68.56 billion rupees from roughly 70 billion rupees in the same period last year, said a company statement issued to the stock exchanges.

 

(Reporting by Tommy Wilkes; Editing by Sumeet Chatterjee)