Mumbai, Feb 1 (IANS): Two-wheeler major Hero MotoCorp on Thursday reported a decline of 4.51 per cent in its net profit for the quarter ended December 31, 2018.

According to the company, the profit after tax (PAT) for the quarter slipped to Rs 769.10 crore from Rs 805.43 crore reported for the corresponding period of the previous fiscal.

"The domestic two-wheeler industry also has significant headroom to grow, given the

penetration of two-wheelers in India is still quite low. There have been temporary setbacks in the third quarter of the current fiscal on account of multiple factors, leading to higher than normal inventory levels at dealerships," Pawan Munjal,

Chairman, Hero MotoCorp, said in a statement.

"However, the fourth quarter has historically been positive and we look forward to an improved market situation in the coming months. Hopefully, the upcoming Budget will have enough impetus for the agriculture and social sectors to trigger a positive turnaround in the sentiments."

The company's revenue from operations increased by 7.5 per cent to Rs 7,865 crore from Rs 7,314 crore in the corresponding quarter of the previous fiscal.

Sales-wise, Hero MotoCorp registered a rise of 5.3 per cent in its quarterly sales of 17,98,905 units in the third quarter of the fiscal.