Country's largest two-wheelers manufacturer Hero MotoCorp on Tuesday reported net profit of Rs 562.76 crore for the first quarter ended June, up 2.60 per cent as compared with Rs 548.58 crore in the corresponding quarter (April-June 2013).
The company's turnover (net sales and other operating income) during the quarter also rose 14.24 per cent at Rs 7,036.84 crore as against Rs. 6159.52 crore in the same period of last fiscal.
The 'Splendor' maker also recorded its highest-ever quarterly sales of 17,15,254 units of two-wheeler in the first quarter of this financial year as compared with 15,59,282 units in the same period last year, the company said in a statement.
Meanwhile, the company said that Pawan Munjal, currently Managing Director and Chief Executive Officer has been elevated to the newly-created position of Vice-Chairman of the company.
The Board of Directors of Hero MotoCorp approved at its meeting on Tuesday and decided to appoint Munjal as the Vice-Chairman and Managing Director, it said.
“This is an acknowledgement of his inspiring leadership and progressive vision which has helped Hero MotoCorp to strengthen its number one position in a highly competitive and volatile market," Brijmohan Lall, Chairman, Hero MotoCorp, said.
"As we embrace new technologies and expand our global footprint across continents, the journey ahead is going to be far more exciting," Pawan Munjal said.
With the formation of a joint venture in Bangladesh, the company has commenced activities for setting up of manufacturing plant there, he said. The company has also commenced operations in new manufacturing facility at Neemrana in Rajasthan during the quarter.
"We have continued to sustain our robust volume growth despite the overall sluggish industry scenario. Despite the sub-normal monsoon in some parts of the country impacting sentiments, we are confident of consolidating our market leadership by clocking growth in the double digit in the rest of the fiscal," he added.
The company has announced interim dividend of Rs 30 per share that is 1,500 per cent entailing total outgo of Rs 700.87 crores inclusive of dividend distribution tax.
Shares of the company closed at Rs 2,584.20 on the BSE on Tuesday, down 0.86 per cent from the previous close.