India's largest motorcycle manufacturer Hero Honda Motors record a better-than-expected result in the first quarter with 13% percent growth in net profit driven by strong market demand. The company saw the growth in profit after four consecutive quarters of declines and helped lift its shares more than 2%.
Hero Honda’s Managing Director, Pawan Munjal said, "Our first quarter performance has set the outlook for coming quarters and we are confident of achieving our initial guidance for fiscal 2012 to sell over six million units."
Hero Honda which makes two wheelers like Splendour and Glamour and scooters sold more than 1.5 million bikes during April-June quarter, its highest ever quarterly sales.
Earlier this year, Hero Investments agreed to buy Honda Motors' 26% stake in Hero Honda for around $851 million. The deal allows Hero Group to enter the new markets and explore new products which earlier they had been barred due to a joint venture with Honda.
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