Spearheaded by the strong demand for its commuter motorcycles, Hero MotoCorp has set a personal record for the number of two-wheelers sold in a quarter. The company sold over 17.45 lakh two wheelers in the first quarter of this financial year, registering a gross turnover of Rs 8,010 crore and highest ever net profit.
The gross turnover of the company grew by 7.7 per cent while the net profit saw a jump of 18.1 per cent. The company’s recently launched products including the Maestro Edge and the Duet as well the existing established motorcycles like the Splendor and the Passion continue to set benchmarks in their respective segments. The recent resurgence of the Glamour has also played an instrumental role in the company’s stellar performance.
It has been five years since Hero MotoCorp split with its long-term joint venture partner, and contrary to what most of its critics predicted, it has retained its top position in the Indian two-wheeler market. The increasing threat from Honda seems to have no impact on Hero MotoCorp as it continues to set one record after another. Though the Honda Activa has now earned the bragging right of being the country’s top-selling two-wheeler, the recently launched Splendor iSmart 110 promises to turn the tables back in Hero MotoCorp’s favour.
Expressing delight at their performance, Pawan Munjal, chairman, MD and CEO, Hero MotoCorp said, “The first quarter of this fiscal carried forward the growth trajectory that we set for ourselves in the previous Quarter. The sales growth is reflected in the positive financial results for the Quarter, and has given us the momentum to carry forward as we prepare for the upcoming festive season.”
