Hero MotoCorp net down 11 at Rs 549 crore

Hero MotoCorp today reported 10.86 per cent decline in its net profit at Rs 548.58 crore for the first quarter ended June 30,2013,on account of higher tax outgo on its Haridwar facility and lower sales due to early onset of monsoon.

The company had posted a net profit of Rs 615.46 crore during the same period of previous fiscal. Net sales declined by 1.30 per cent to Rs 6,126.84 crore for Q1 against Rs 6,207.78 crore during Q1 of previous fiscal. The companys total sales during the quarter stood at 15,59,282 units,down 5.05 per cent from the same period of previous fiscal.