Hero Motocorp beats analysts September sales estimates by massive margin; puts GenNext leaders in place
The worlds largest manufacturer of motorcycles and scooters registered record sales of 715,718 units in September 2020 exceeding the expectations of 675,000. These figures were the highest sales in a single month in the calendar year of 2020. This translates into a growth of 16.9% over the corresponding month of the previous year (September 2019), when the company had sold 612,204 units
The world’s largest manufacturer of motorcycles and scooters registered record sales of 715,718 units in September 2020 exceeding the expectations of 675,000. These figures were the highest sales in a single month in the calendar year of 2020. This translates into a growth of 16.9% over the corresponding month of the previous year (September 2019), when the company had sold 612,204 units.
Company sold 18,14,683 units in the second quarter (July-September) in FY21 clocking a healthy growth of more than 7.3% compared on a YoY basis. September month’s Motorcycles sales witnessed over 18% growth when compared to last year sales. Domestic sales improves over 16% when compared to last year while exports were up nearly 57%.
To partially offset the rising input costs and commodity prices, the Company has made an upward revision in the ex-showroom prices of its motorcycles and scooters by up to 2%, with the exact quantum varying on the basis of the model and specific market. The revised prices are effective from October 1, 2020.
Management believes that with the peak festival season coming up in the months of October and November, Hero MotoCorp remains cautiously confident of achieving yet another benchmark in post-Covid retail sales with the help of positive consumer sentiments and continued government policy support. Rural sales have been robust and the company believes it will remain so over next few months due to the festive season coming up. Leading private banks have clearly indicated that they are all geared up for the festival season and see a lot of 2-wheeler demand coming up in the festive season.
Company announced a round of new appointments to strengthen its Leadership Team to drive growth in the emerging business climate. These appointments come close on the heels of the first phase of the streamlining process initiated in the month of July, with the objective of creating bench strength of future leaders. They will play a key role in the rapid expansion and consolidation of Hero in the international markets.
See Zee Business Live TV Streaming Below:
This will not only help them to improve their margins going forward but will also improve their revenues in long-term.
by Rahul Kamdar
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.