Two wheeler company Hero Motocorp today reported a decline of 2.6 per cent in standalone net profit to Rs 772.05 crore in the October-December quarter, mainly on account of demonetisation.
The company had posted net profit of Rs 793.23 crore in the same period a year ago.
"The third quarter of this fiscal was historic, with the government taking an unprecedented and bold move to bring about digitisation of the economy, higher tax compliance and creating a transparent and inclusive financial system.
The industry did witness some negative sentiments during the October-December Quarter, but with the agility shown by the government in bringing about a slew of measures to aid the citizens at large, the market scenario has now begun improving," Hero Motocorp Chairman, Managing Director and Chief Executive Officer Pawan Munjal said in a statement.
The total income of Hero Motocorp also declined by 11.64 per cent to Rs 6898.64 crore in the three month period ended December 31, 2016 compared to Rs 7807.77 crore in the corresponding period last fiscal.
Hero Motocorp also announced appointment of Niranjan Gupta as its new Chief Financial Officer (CFO) with effect from April 1, 2017. He will replace Ravi Sud who will superannuate from the company at the end of this financial year.
During the third quarter, Hero Motocorp also commenced commercial production at its new manufacturing facility at Halol, Gujarat.
With this, the company now has six manufacturing plants, including five in India Dharuhera, Gurgaon, Haridwar, Neemrana and Halol and one in Colombia. Hero MotoCorp's second global manufacturing facility is coming up in Bangladesh and will be operational later this year, the statement said.
Shares of Hero Motocorp closed at Rs 3223.8, down 1.07 per cent from previous close on BSE today.
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