Wednesday, February 01, 2006
MUMBAI , India (Feb 1) - India's top motorcycle maker, Hero Honda Motors Ltd., posted a better-than-expected 20 % rise in profit on robust sales.
Hero Honda, has driven a boom in India's US$4 billion market of nearly 5 million bikes a year, fuelled by cheap loans, rising incomes, new models and a shift in preferences to motorbikes from scooters.
New Delhi-based Hero Honda, in which India's Munjal family - owners of the world's biggest bicycle company - and Japan's Honda Motor Co. each hold 26%.
Bike makers are betting on continued growth as more than half of India's billion-plus population is below the age of 25 and a motorbike is usually the first vehicle purchased by young men in India.
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