Bolstered by robust sales,the countrys largest two-wheeler manufacturer Hero MotoCorp on Wednesday posted a 20.33 per cent increase in its net profit at Rs 603.59 crore for the fourth quarter ending March 31,2012.
Total income of the company during the period increased 12.2 per cent to Rs 6,139.90 crore from Rs 5,471.30 crore in the corresponding period of previous fiscal. During the fourth quarter the company sold 15,72,027 units,an increase of 8 per cent over the same period of previous fiscal.
Blaming the rising input costs,the two-wheeler maker also hiked the prices of its products which currently begin at around Rs 40,000 in the range of Rs 500 to Rs 1,000 with immediate affect.
For the year ended March 31,2012 the company posted a 23.3 per cent hike in net profit at Rs 2,378.13 crore,as compared to Rs 1927.90 crore in 2010-11. Its sales rose 21.5 per cent to Rs 23,579.03 crore for the fiscal as compared to Rs 19,397.93 crore in the last fiscal.
The companys board,which met on Wednesday,recommended a final dividend of Rs 45 per share of Rs 2 each,for the financial year 2011-12.