Hero MotoCorp Feb'22 sales decline 29% YoY

The two-wheeler major sold 3,58,254 units of motorcycles and scooters in February 2022, which is lower by 29.12% compared with 5,05,467 units sold in February 2021.

While domestic sales declined 31.58% YoY to 3,31,462 units, exports increased by 27.37% YoY to 26,792 in February 2022.

"With a sharp decline in the number of Covid-19 cases and the economy gradually opening up with several other positive indicators, such as easing of the lockdown restrictions, as well as the measures announced in the FY'23 Union Budget, a swift revival in sales is expected in the coming months," Hero MotoCorp said in a statement.

In the month of February 2022, Hero MotoCorp became the first automotive OEM to tie up with a leading Public Sector Undertaking (PSU) to set up charging infrastructure across the length and breadth of the country. The company has collaborated with Bharat Petroleum Corporation Limited (BPCL), to establish charging infrastructure for two-wheeled electric vehicles (EVs) across the country in its endeavor to electrify India.

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters. On a consolidated basis, its net profit declined 30.95% to Rs 703.74 crore on 18.46% fall in net sales to Rs 8,013.08 crore in Q3 December 2021 over Q3 December 2020.

Shares of Hero MotoCorp were down 2.80% at Rs 2465.30 on the BSE.

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