Business Daily from THE HINDU group of publications
Wednesday, Jul 30, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Wednesday, Jul 30, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate Results
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Two/Three Wheelers Marketing - Trends
Our Bureau New Delhi, July 29 Hero Honda’s net profit ballooned 44 per cent on back of robust sales and tax advantage garnered from its new facility in Haridwar, at Rs 272.8 crore for the first quarter of the current fiscal, higher than Rs 189.84 crore in the same period last year. The company, which sells over half of the motorcycles in the country, posted a 13.91 per cent increase in its net sales to Rs 2,843.5 crore (Rs 2,447.9 crore). During the quarter, the company sold 8.9 lakh units, an 11 per cent increase from 8.02 lakh units of two-wheelers sold in the same period last year. The company’s Chief Financial officer, Mr Ravi Sud, said, “Net profits have shown an increase mainly due to the tax advantage that we accrued from the beginning of the current fiscal as our new facility at Haridwar became operational. It has translated into tax saving of approximately Rs 30 crore during the quarter.” He further said that the company had increased the prices of its vehicles by two and half per cent during the quarter which was not the case in the same period last year, leading to better profits. Besides, “Raw material prices rose in the first quarter, but not as sharply as in the same quarter last year,” Mr Sud stated. “We have continued to invest in further spreading our distribution network, expanding into new markets in semi-urban, rural and upcountry areas,” Mr Pawan Munjal, Managing Director and Chief Executive Officer, commented in a statement. Hero Honda rides on robust sales, launches Hero Honda March sales rise; Bajaj, TVS Motor see fall More Stories on : Two/Three Wheelers | Trends | Hero Honda Motors Ltd
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