Hero MotoCorp sold more than 14 lakh units of motorcycles and scooters, in retail sales during the just concluded festive season riding on robust customer demand for its range of products.
Despite the severe disruptions on account of the Covid-19 this year, the good retail off-take during the 32-day festival period - spread between the first day of Navratra and the concluding day after Bhai Duj - was 98% of the festive season volumes sold by the company in the previous year (2019) and 103% compared to the same period in 2018, Hero MotoCorp said.
This has enabled Hero MotoCorp to reduce the vehicle stocks at its dealerships to less than four weeks, the lowest ever post-festive inventory, the company said. The company's festival season retails were driven by the strong performance of its popular models across segments, including the 100cc Splendor+ and HF Deluxe, 125cc motorcycles Glamour and Super Splendor and the Xtreme 160R and the XPulse range in the premium segment. The festive season also witnessed strong customer preference for Destini and Pleasure scooters, it added.
Hero MotoCorp has continued to consolidate its market share in the domestic two-wheeler market since the resumption of plant operations and retail sales in early May. Hero MotoCorp's market share has grown by more than 500 bps in the month of October.
The news on the rapid development of Covid-19 vaccines is likely to enable a faster rebound of the global economy in the coming months. The positive forecast by the International Monetary Fund (IMF) projecting close to double-digit growth for the Indian economy in FY'22 is likely to boost customer sentiments in general and the two-wheeler sector in particular, Hero MotoCorp said. The slew of recent measures announced by the Government should also help accelerate recovery and aid core sectors to rebound fast, the company said.
The announcement was made after market hours yesterday, 18 November 2020. Shares of Hero MotoCorp fell 1.58% to settle at Rs 2,983 yesterday.
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.
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