The country's largest two-wheeler maker
Hero MotoCorp on Wednesday reported 10.86 per cent decline in its net profit at Rs 548.58 crore for the first quarter ended June 30, 2013.
The company had posted a net profit of Rs 615.46 crore during the same period of previous fiscal.
Net sales of the company declined by 1.30 per cent to Rs 6,126.84 crore for the first quarter, as against Rs 6,207.78 crore during the same period of previous financial year, Hero MotoCorp said in a statement.
Commenting on the results, Hero MotoCorp Managing Director and CEO
Pawan Munjal said: "The fact that our PBT has surpassed the previous as well as the corresponding quarter, despite a marginal de-growth in our volumes during the quarter and the overall economic slowdown, is a strong statement of our intent and vision."
He said the company had good sales in April and May but "heavy and early rains in June have slowed down the momentum a bit, but we are optimistic about growth in the second half of the fiscal."
The company's total sales during the quarter stood at 15,59,282 units.
On the outlook, he said: "Our launches that are planned around the festive season should contribute towards accelerating growth. On the new market front, after entering Central America and Africa, we are now geared up for Latin American markets of Peru and Ecuador, which should be in the month of August".
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