 NEW DELHI: Hero MotoCorp's net profit fell 5% in January-March, 2013 on slowdown in the market and competitive pressures. The company, which faces stiff competition from erstwhile joint venture partner Honda Motor of Japan, said net profit in the fourth quarter of last fiscal stood at Rs 574 crore against Rs 604 crore in the corresponding period of the previous year. Hero, controlled by the Munjal family, had split up with Honda in 2011. Since then the Japanese two-wheeler major has become aggressive in the market and launched models in competition to Hero's blockbuster Splendor and Passion motorcycles. Economic slowdown has also impacted two-wheeler sales in India that have been further depressed on account of rising prices of petrol, high inflation and dearer interest rates. "FY13 has been a rough year for the overall Indian auto sector. Weak macro-economic sentiment, coupled with subdued consumer confidence, adversely impacted the industrial growth and sales volumes. Considering the current environment, these are tough times for the auto sector in India and we remain cautiously optimistic about the growth prospects in the near term," Pawan Munjal, MD & CEO of Hero MotoCorp, said. Sales for Hero Moto declined 3% at 15.3 lakh units against 15.7 lakh units in January-March 2011-12. Revenue from sales, however, was up around 2%. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNG0RU2_kT2rtsljthSdWWjGJKaVMw&url=http://timesofindia.indiatimes.com/business/india-business/Hero-Moto-Q4-net-falls-5-on-rising-competition/articleshow/19749725.cms | |||
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