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Hero MotoCorp gains after declaring monthly sales

Capital Market 

Hero MotoCorp gained 1.34% to Rs 3,035.50 on BSE after the company's total sales rose 7.55% to 584,456 units in August 2020 from 543,406 units sold in August 2019.

On a sequential basis, the company sales grew by 13% from 514,509 units sold in the month of July 2020.

Total domestic sales in the month of August 2020 stood at 568,674 units, registering a rise of 8.5% from 524,003 units sold in August 2019. Exports declined nearly 19% YoY to 15,782 in August 2020.

Hero MotoCorp said the company is witnessing a strong retail off-take and is currently operating in pullmarket with rural and semi-urban centers driving demand. With August marking another step forward in the market's recovery, the company is cautiously anticipating sales to continue their upward trajectory with favorable factors such as the upcoming festive season, increasing consumer confidence and continued government policy support, Hero MotoCorp said.

The two wheeler maker also clarified that it is operating at nearly 100% production capacity with almost all customer touchpoints open, the company remains committed to the health and safety of everyone in its ecosystem, including its customers.

Hero MotoCorp is the largest two-wheeler manufacturer in the world. The company's net profit slumped 92% to Rs 61.31 crore on a 63% decline in net sales to Rs 2971.54 crore in Q1 June 2020 over Q1 June 2019.

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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: Wed, September 02 2020. 09:15 IST