Hero MotoCorp Shares Fall Over 2% After Earnings Announcement
The stock declined 2.19% to settle at Rs 2,588.20 apiece on the BSE.
Shares of Hero MotoCorp on Friday fell by over 2% after the company reported a 9% decline in its consolidated net profit for the second quarter ended Sept. 30.
The stock declined 2.19% to settle at Rs 2,588.20 apiece on the BSE. During the day, it went lower by 2.74% to Rs 2,573.45.
On the NSE, it dipped 1.82% to end at Rs 2,598 apiece.
Hero MotoCorp on Thursday reported a 9% decline in its consolidated net profit at Rs 682 crore for the second quarter ended Sept.30, mainly due to enhanced expenses and a slight dip in sales during the period.
The country's largest two-wheeler maker had reported a net profit of Rs 748 crore in the July-September period of the previous fiscal.
The revenue from operations rose to Rs 9,158 crore in the September quarter compared to Rs 8,539 crore in the year-ago period, Hero MotoCorp said in a regulatory filing.
The company's total expenses during the quarter under review rose 9% to Rs 8,292 crore from Rs 7,641 crore last year.
The two-wheeler major said it has sold 14.28 lakh units of motorcycle and scooter in the September quarter as against 14.38 lakh units last year.