(Reuters) - Hero MotoCorp Ltd, the world’s largest two-wheeler manufacturer, posted a lower profit on Thursday as higher expenses weighed.
Profit dropped to 7.69 billion rupees ($108.11 million) for the three months ended Dec. 31, compared with 8.05 billion rupees a year earlier.
That compared with analysts’ average estimate of 7.68 billion rupees, according to Refinitiv data.
Expenses in the third quarter jumped nearly 10 percent.
Revenue from operations grew 7.5 percent to 78.65 billion rupees, the company said in a statement. reut.rs/2Utfo8H
($1 = 71.1320 Indian rupees)
Reporting by Tanvi Mehta in Bengaluru, Editing by Sherry Jacob-Phillips