Hero Honda Motors, India’s biggest motorcycle maker, said fiscal fourth-quarter profit fell 2.6% after a drought caused sales to slow, Bloomberg News said.
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Citing a company statement, Bloomberg said Hero Honda’s net income was 1.49 billion rupees ($US31.4 million), or 7.46 rupees per share, in the quarter ended March 31, down from 1.53 billion rupees, or 7.64 rupees a share, a year ago. That was better than the 1.35 billion rupee average forecast of six analysts polled by Bloomberg News. Sales dropped 3.3% to 12.15 billion rupees.
Bloomberg News noted that India’s worst drought in 15 years cut the incomes and spending power of people living in rural areas, who make up 60% of the country’s 1 billion population, curbing demand for new motorcycles.
