BS reported that a combination of lower raw material costs and record sales helped the country’s largest manufacturer of motorcycles, Hero Honda to post a 83% rise in its net profit to INR 500.1 crore for the Q1 ending June.

The net profit for the April to June period of last year stood at INR 272.9 crore. Net sales for the 3 month period was INR 3,811 crore, a 34% rise against the INR 2,843.5 crore earned for the same quarter last year.

Mr Deepak Jain analyst at Edelweiss Securities said “Factoring the company’s spending on the IPL and the T20 (cricket) series, the net profit posted has surpassed expectation. At the Ebitda level, gross profit surged by about 97% to INR 604.5 crore.”

(Sourced from Business Standard)