New Delhi, Jan. 30: Hero Honda, the country’s leading two-wheeler maker, today reported a 19.23 per cent rise in net profit at Rs 261 crore for the third quarter ended December 31 against Rs 218.9 crore in the same period last fiscal. Total turnover rose 15 per cent to Rs 2,350.8 crore during the period under review from Rs 2,043.1 crore last year.

Higher sales coupled with rationalisation of expenses have helped the company register growth.

“Operating margin for the third quarter stood at 16.3 per cent against 15.5 per cent in the corresponding previous period,” Hero Honda said in a statement.

PNB net up 18%

Punjab National Bank has reported a 17.9 per cent increase in net profit at Rs 370 crore for the quarter ended December 31. Taking stock of the quarterly numbers, chairman S.C. Gupta said total business grew 17.5 per cent at Rs 1,72,939 crore compared with Rs 1,47,162 crore a year ago.

The bank will set up branches in Canada, London and Hong Kong this fiscal.

“We have got the RBI’s approval to set up full-fledged branches in Vancouver, Hong Kong and London, besides setting up an offshore banking unit in Singapore,” he said.