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Hero MotoCorp rises after Nov sales jump 14% YoY

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Hero MotoCorp rose 1.86% to Rs 3169.40 after the two-wheeler maker's total sales jumped 14.4% to 5,91,091 units in November 2020 from 5,16,775 units in November 2019.

Sequentially, total sales have declined 26.7% in November 2020 from 8,06,848 units sold in October 2020.

Hero MotoCorp said it witnessed a record retail sales in the recently concluded festival period. More than 14 lakh units were retailed in the 32-day period starting from Navratras till Bhai-Duj.

The company's domestic sales grew by nearly 14% to 575,957 units in November 2020 from 505,994 units in November 2019. Total exports jumped 40.3% to 15,134 units in November 2020 over November 2019.

The firm said it has been continuously ramping up supply and production across its manufacturing units to cater to the increased demand. Hero MotoCorp believes that the growth in personal mobility post Covid-19 restrictions will further strengthen the demand for two-wheelers. The company intends to further strengthen its product portfolio, as well as consumer offerings to ride this wave further.

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.

The two-wheeler major's consolidated net profit jumped 9.1% to Rs 963.82 crore on 23.7% increase in net sales to Rs 9,473.32 crore in Q2 September 2020 over Q2 September 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, December 02 2020. 09:45 IST