REUTERS - India’s Hero MotoCorp Ltd on Wednesday reported a 14 percent fall in its March-quarter net profit as a cash crunch following the government’s ban on high-value currency notes hurt sales volume.
The world’s largest two-wheeler maker posted a net profit of 7.18 billion rupees ($111.23 million), compared with 8.33 billion rupees a year earlier, while total income fell about 8 percent to 76.06 billion rupees.
Profit for the quarter was hit as the company offered discounts to liquidate unsold BS III compliant vehicles.
Analysts on average had expected a net profit of 7.45 billion rupees, according to Thomson Reuters data.
($1 = 64.5500 Indian rupees)
Reporting By Arnab Paul in Bengaluru; Editing by Subhranshu Sahu