Hero Cycles posts India record with 6 lakh unit sales

Bicycle manufacturer Hero Cycles said on Monday that it sold over 600,000 units last month, an increase of 20 percent over December 2014, to register the highest one-month sale by any cycle company in India.

"Riding on strong sales in rural and semi urban areas, and strong growth in the premium cycles segment, the company witnessed 20 percent growth in month-on-month sales in December 2015," Hero Cycles said in a statement here.

Chairman Pankaj Munjal said: "We have not only strengthened our dominance in the Indian cycle market but have also become the first ever company to achieve a sale of over 6 lakh units in a month in the history of India's cycle industry."

"This is a proud moment for us and we are hoping to achieve much better targets in 2016," he added.

Hero Cycles had precorded a turnover of around Rs.3,000 crore with a production of around 550,000 cycles during the last fiscal.

The company said that with its recent announcement of entry into the European market, and acquisition of Firefox in India and Avocet Sports in Britain, it aims to grow its revenues to Rs.8,000 crore by 2018.