In a Tuesday statement, the Delhi-based bigwig two-wheeler maker Hero MotoCorp said that its quarterly net profit had touched a new high --- with its recorded Rs. 603.62 crore net profit during the July-September quarter not only marking the highest-ever quarterly net profit figures for the company, but also underscoring a 19.93 percent increase year-over-year.
With the company's last year same quarter net profit figures having been Rs 506 crore, the higher-than-estimated quarterly results this time round were largely a result of record sales of its two-wheelers.
Hero Motors has announced that it is entering into an agreement with ZF Lemforder to form a joint venture called ZF Hero Chassis Systems Private Limited.
ZF Lemforder is part of the German based Euro 12.5 billion ZF Group. The venture will mainly focus on the manufacture of chassis and axle. ZF is acquiring fifty percent, so both the companies will hold equal stake in the new venture.
Hero Motors, part of the Hero Group, has signed a five-year Memorandum of Understanding with Canada-headquartered company BRP- Powertrain for supply of automotive transmissions.
As per the MoU, the company would manufacture transmissions worth 250 million dollars in the next five years
The equipment will be supplied from Hero Motors' Ghaziabad facility to BRP-Powertrain, a unit of privately-held Bombardier Recreational Products.