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Hero Honda net up 42% in second quarter

New Delhi, Oct. 18: India’s largest motorcycle maker Hero Honda Motors today said its net profit has surged 42.2 per cent at Rs 139.84 crore for the quarter ended September 30, 2002 over Rs 98.34 crore in the same quarter last year.

Total turnover jumped by 19.2 per cent to Rs 1,258.16 crore during July-September 2002 from Rs 1,055.52 crore a year ago.

The company’s motorcycle sales grew by 23.5 per cent year-on-year to 4,07,613 units from 3,29,900 units.

For the first half ended September 30, 2002, net profit soared 57 per cent to Rs 279 crore from 177.15 crore in the same period last year, a company statement said.

Total turnover rose by 27 per cent at Rs 2,548.56 crore during April-September 2002 over Rs 2,010.46 crore last year.

The company sold 8,29,292 motorcycles during this period which was 30.22 per cent more as compared with 6,36,830 units sold in the corresponding period last fiscal.

Hero Honda Motors chairman Brijmohan Lall said the company was “well on way” to achieve the turnover target of Rs 5,000 crore for this fiscal by selling 1.8 million motorcycles despite “very challenging times”.

During 2001-02, the company had recorded a turnover of Rs 4,539.49 crore over sales of 1.42 million motorcycles. Managing director Pawan Munjal said the next six months appeared promising for the company because of the current festival season.

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