Hero MotoCorp edges higher after recording sales of 4.33 lakh 2-wheeler units in Jan'24

Hero MotoCorp added 2.61% to Rs 4706.75 after the company announced that it had sold 433,598 two-wheeler units in January 2024, which is higher by 22% as compared with the same period last year.

The company had recorded sales of 356,690 two-wheeler units in January 2023.

While the domestic sales rose by 20% to 420,934 units, exports of two-wheelers increased by 75% to 12,664 units in January 2024 over January 2023.

For the period under review, sales of motorcycles aggregated to 402,056 units (up 21% YoY) and those of scooters added up to 31,542 units (up 37% YoY).

Further, Hero MotoCorp informed that it has appointed CG Motors as its distributor in Nepal. CG Motors, part of the renowned Chaudhary Group (CG) known for its diverse business ventures will collaborate with Hero MotoCorp to establish a assembling facility in Nepal. Scheduled to commence operations from March 2024, this facility will have a peak production capacity of 75,000 units per annum.

Hero MotoCorp is engaged in the manufacturing and selling of motorised two-wheelers, spare parts and related services. The Company is a leading two wheeler manufacturer and has a dominant presence in domestic market.

The company has recorded 46.17% growth in net profit to Rs 1006.31 crore in Q2 FY24 from Rs 688.44 crore in Q2 FY23. During the quarter, the companys revenue from operations grew by 5.33% to Rs 9745.69 crore as against Rs 9252.22 crore in Q2 of last year.

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