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Hero MotoCorp fourth-quarter profit falls, misses estimates
May 10, 2017 / 12:40 PM / 7 months ago

Hero MotoCorp fourth-quarter profit falls, misses estimates

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.

Customers look at a Hero MotoCorp Karizma motorbike at a Hero MotoCorp showroom in the western Indian city of Ahmedabad April 26, 2013. REUTERS/Amit Dave/files

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

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