The country’s largest two-wheeler maker Hero MotoCorp on Tuesday reported 27.01 per cent decline in net profit for the second quarter ended September 30 at Rs. 440.58 crore as sales declined.
The company had posted a net profit of Rs. 603.62 crore in the same quarter last fiscal.
Net income during the second quarter this fiscal stood at Rs. 5,187.46 crore, down 10.96 per cent from Rs. 5,826.15 crore in the corresponding period last year.
“The two-wheeler market in the country has been adversely impacted due to the overall market slowdown and prevailing sentiments since the beginning of this quarter,” Hero MotoCorp MD and CEO Pawan Munjal said.
Sensing the slowdown in the market, the company adjusted production plans in August and September and this has been reflected in the quarterly sales figures, he added.
Sales volume during the quarter stood at 13,32,805 units as against 15,44,315 units, down 13.67 per cent.
“The onset of the festive season has been encouraging, with the retail sales of over two lakh in the Navratras,” Mr. Munjal said.