Hero MotoCorp gains after recording 35% jump in Oct sales

Hero MotoCorp rose 1.72% to Rs 2847.85 after the two-wheeler maker's total sales jumped 34.6% to 8,06,848 units in October 2020 from 5,99,248 units in October 2019.

Sequentially, total sales have risen by 12.7% in September 2019 from 8,06,848 units sold in September 2020.

The company's motorcycles sales stood at 7,32,498 units (up 32.5% YoY) and scooter sales were at 74,350 units (up 59.6% YoY) in October 2020.

While the domestic two-wheeler sales improved by 34.8% to 7,91,137 units, two-wheeler exports increased by 28.1% to 15,711 units during the month compared with the same period last year.

Hero MotoCorp said that a positive turnaround in customer sentiments - particularly for motorcycles across markets, continued government policy support and a credible resumption of supply chain, logistics and business operations have enabled the company to achieve record numbers during the auspicious festive period.

The company further said that with the higher dispatches during the month, the company's customer touch points across the country now have adequate inventories in line with market demand in the ongoing festival period.

"The company has also registered significant gains in market share in the second quarter (July-September) across product categories and geographies and expect to further build on this momentum going ahead," it added.

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters, in terms of unit volumes sold by a single company in a year.

The two-wheeler major's standalone net profit jumped 9% to Rs 953.45 crore on 23.7% increase in net sales to Rs 9,367.34 crore in Q2 September 2020 over Q2 September 2019.

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