The company had posted a net profit of Rs 554.43 crore in the same period of the previous fiscal.
"This (profit after tax) is after impairment of Rs 155.04 crore ($25 million) of equity investment in Erik Buell Racing, Inc," Hero MotoCorp Ltd said in a statement.
Hero MotoCorp disappointed the Street as analysts expected the company to post jump of 14.8 per cent in its net profit for the January-March quarter to Rs 636 crore.
Analysts expected Hero MotCorp to post revenue growth of 1.94 per cent.
Market expert Ambareesh Baliga told NDTV that Hero MotoCorp can correct to 2,150 in the near term and investors should buy the stock at dips because the company is the market leader in two-wheeler segment.
"Next 4-5 months could be difficult for Hero MotoCorp if monsoon rains are poor, but the stock is unlikely to be impacted too much because it has not performed in the last one year," Mr Baliga added.
The shares of Hero MotoCorp ended 2.2 per cent lower at Rs 2,301. The stock was underperformed the Nifty which ended 1.7 per cent higher.
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