Hero Motocorp Q1 net up 10% to Rs 615 cr, stock down

[epicresearch]

Country's largest two-wheeler manufacturer Hero Motocorp 's net profit rose lower than expected by 10.25% year-on-year to Rs 615 crore in the first quarter of FY13.

Net sales during the quarter too increased less than expected by 9.23% YoY to Rs 6,208 crore in the quarter ended June 2012.

Analysts on an average had expected net profit at Rs 630 crore and net sales at Rs 6,370 crore during the quarter.

However, EBITDA margin improved 70 basis points to 15% as against 14.3% year-on-year, which was slightly ahead of expectations of 14.9%.

Hero Motocorp sold 16.4 lakh units in the first quarter.

At 15:22 hours IST, the share was trading at Rs 2,103.50, down 0.62% amid heavy volumes.