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Hero MotoCorp April sales skid 35% QoQ to 3.72 lakh units

Capital Market 

The two-wheeler major's total two-wheeler sales dropped 35.47% to 3,72,285 units in April 2021 as against 5,76,957 units in March 2021.

Domestic sales tumbled tumbled 37.05% to 3,42,614 units in April 2021 compared with 5,44,340 units in March 2021. Exports lost 9.03% to 29,671 units in April 2021 from 32,617 units in March 2021.

Hero MotoCorp said that the sales in April 2021 were subdued due to the temporary closure of plant operations and the retail outlets across several key territories in India on account of the impact of the second wave of COVID-19.

Hence, the sales numbers of April 2021 are not comparable with the corresponding month of the previous year (i.e. April 2020), since no vehicles were manufactured and dispatched to dealers, due to the nationwide lockdown after the outbreak of COVID-19.

In the meantime, Hero MotoCorp has decided to extend the shutdown at its manufacturing facilities across India, its Global Parts Center (GPC) in Neemrana and the R&D facility - the Centre of Innovation and Technology (CIT) in Jaipur by another six days till 9 May 2021. The plant operations will resume on 10 May 2021.

Hero MotoCorp had proactively halted the plant operations temporarily in a staggered manner for four days from April 22 - May 1, in view of the rapid escalation in the spread of COVID-19 across the country. The announcement was made on Saturday, 1 May 2021.

The two-wheel manufacturer announced a strategic partnership with Gogoro Inc. to accelerate the shift to sustainable electric mobility in India. The joint venture is to bring Gogoro's battery swapping platform to India and collaborate on electric vehicle development to bring Hero branded, powered by Gogoro Network vehicles to market. Further, Hero MotoCorp along with Harley-Davidson also intimated the H-D 2021 Model Year Pricing. The firm introduced the Pan America Adventure Tourer along with bookings open for the 2021 range.

The company's consolidated net profit jumped 13.7% to Rs 1,029.17 crore on a 38.9% rise in net sales at Rs 9,827.05 crore in Q3 FY21 over Q3 FY20.

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.

Shares of Hero MotoCorp fell 0.36% to Rs 2,810.10 on BSE. The scrip hit an intraday low of Rs 2,767.80 to an intraday high of Rs 2,848 so far.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, May 03 2021. 10:43 IST