October 16, 2018 / 12:04 PM / 3 months ago

Hero MotoCorp quarterly profit drops 3 percent

FILE PHOTO: Employees work on an assembly line of Hero Motocorp during a media tour to the newly opened plant in Neemrana, in Rajasthan, October 20, 2014. REUTERS/Anindito Mukherjee/File Photo

(Reuters) - Hero MotoCorp Ltd, the world’s largest two-wheeler maker, posted a 3.4 percent drop in quarterly profit on Tuesday, hurt by higher expenses amid a depreciating rupee.

Profit after tax fell to 9.76 billion rupees ($132.86 million) in the three months ended Sept. 30, compared with 10.10 billion rupees a year earlier.

Revenue from operations rose 8.6 percent to 90.91 billion rupees.

Analysts on average had expected a net profit of 9.38 billion rupees, according to I/B/E/S data from Refinitiv.

Earlier this month, Hero raised prices of its motorcycles and scooters to tackle rising commodity costs and currency depreciation.

The company sold about 2.1 million two-wheelers in the September quarter, compared with 2 million in the same period a year earlier.

($1 = 73.4600 Indian rupees)

Reporting by Mekhla Raina in Bengaluru; Editing by Arun Koyyur

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