Hero MotoCorp sales tumble 42% in March

Hero MotoCorp said its total two-wheeler sales stood at 334,647 units in March 2020, down 42.43% from 581,279 units in March 2019.

On a month-on-month basis, total sales fell 32.83% in March 2020 from 498,242 units in February 2020.

Total domestic sales fell 42.76% to 316,685 units while the total exports fell 35.8% to 17,962 units in March 2020 over March 2019.

Hero MotoCorp said that the auto industry faced with an unprecedented disruption in March 2020, owing to the novel coronavirus. The COVID-19 has interrupted supply chains, halted production and lock-down, leading to no retails. With COVID-19 situation escalating through March, Hero MotoCorp set-up a business continuity task force and pro-actively rolled-out a slew of measures to ensure health & safety of its employees and business partners.

 

On 22 March 2020, the company proactively suspended production at all its manufacturing facilities-including in India, Colombia, Bangladesh and Global Parts Centre (GPC) at Neemrana (Rajasthan) until 14 April 2020. The company also set in place a work from home policy for its employees at all corporate offices and the Centre of Innovation and Technology (CIT), Jaipur; except for those whose physical presence is necessary to run the day-to-day essential services.

The Hero Group pledged Rs 100 crore as aid for the ongoing COVID-19 relief-efforts in India.

Meanwhile, the company has elevated Naveen Chauhan as head of sales and after sales, with immediate effect from 1 April 2020.

Shares of Hero MotoCorp rose 2.82% at Rs 1639.15 on Wednesday. The stock has tumbled 20% in last one month compared with a 32.54% fall in Nifty Auto index.

Hero MotoCorp is a motorcycle and scooter manufacturer. The company is the largest two-wheeler manufacturer in the world.

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