 "Hero Honda Q1 net profit rises 13 pc")
New Delhi: The country’s largesttwo-wheeler maker Hero Honda today reported a 13.46 percentjump in net profit for the quarter ended June 30 to Rs 557.89crore.
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The company had posted a net profit of Rs 491.69 crorefor the April-June quarter last year, Hero Honda said in afiling to the Bombay Stock Exchange (BSE).
Total income during the first quarter this fiscal alsosoared by 32.68 percent to Rs 5,771.74 crore from Rs 4,350.03crore in the year-ago period, it added.
The company sold 15,29,577 vehicles in April-June, 2011,up 23.95 percent from 12,34,039 units in the correspondingperiod a year ago.
Reacting to the numbers, shares of the company weretrading 1.55 percent higher at Rs 1,788.50 apiece on the BSEin the late afternoon today.
Commenting on the results, Hero Honda Managing Directorand CEO Pawan Munjal said: “Our Q1 performance has set theoutlook for coming quarters and we are confident of achievingour initial guidance for FY'12 to sell over six millionunits.”
The numbers for the first quarter are in line with thegrowth that Hero Honda has been reporting for the past severalyears, he added.
Munjal said the company’s initiatives on developing a newbrand identity, exploring global opportunities, enhancing R&Dcapabilities and finalisation of the fourth plant are goingahead.
“However, on an immediate basis, the thrust is on tomaintain operational excellence in light of the volatile costsof commodities such as steel, aluminium and rubber,” he added.
Impact Shorts
More ShortsThe company will carry on strengthening its productportfolio through new launches, network expansion and othercustomer outreach initiatives.“We have already covered over 1,00,000 villages acrossthe country as part of our rural initiatives under our ruralvision, ‘Har Gaaon Har Aangan’… We are also aggressively expanding our distributionnetwork and we will soon be crossing 5,000 customer touchpoints by the end of the year. All these initiatives willcontinue to drive growth for us in the domestic market, evenas we explore markets around the world, notably in LatinAmerica, Africa and South East Asia,” Munjal said.
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