Mr Ravi Sud, the Chief Financial Officer (CFO) said at an investor call, 'However, the rupee value of yen denominated payments could drop from the next fiscal on expectations of an appreciation of the rupee.' "We expect the royalty payment for the March quarter (Q4) to be lower than last quarter, as we expect the rupee to appreciate from the current levels… Rs 53-54 (versus dollar) is not stable," he said. In the third quarter which got ended by December 31 last year, the world's largest two – wheeler manufacturer paid a whooping sum of INR 228 crore to the Japanese firm under a technology licensing pact that stretches till June of 2014. Hero MotoCorp also expects the fourth quarter payment to also remain at the same level or lower than the third quarter. In the first and second quarters of the current fiscal, the company had paid a sum of INR 180 crore and INR 210 crore respectively.