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Country's largest two-wheeler maker Hero Honda has reported net profit of Rs 429 crore for the quarter ended December 2010, degrowth of 20% as compared to Rs 535 crore in same period the previous year.
However, net sales showed solid performance - jumped by 34.2% to Rs 5,118 crore in third quarter results of FY11 as against Rs 3,814 in Q3FY10.
Numbers were below market estimates - CNBC-TV18 expected net profit at Rs 563 crore and net sales of Rs 5,036 crore.
October-December quarter numbers included exceptional expense of Rs 80 crore. Margin declined significantly at 11.2% versus 17.2% (YoY).
In a press conference, the management said margins would remain under pressure in short-term.
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