Hero MotoCorp October sales down 4.8%

Hero MotoCorp, the world’s largest two-wheeler manufacturer, said October two-wheeler sales fell 4.8% to 6.31 lakh units.

Declines were also seen in its competitors’ numbers, though not to the same extent.

It said the difference in sales could be explained by the early onset of the festive season this year compared to last year. As a result, some of the festive season sales took place in September.

It said it sold 3 lakh units of two-wheelers in retail sales on Dhanteras — more than the monthly sales of most of its competitors.

Hero MotoCorp on Wednesday reported underlying net revenue growth of 11.5%, EBIDTA margin of 17.4% and PAT of Rs 1,010 crore.

The robust sales of Hero MotoCorp have been driven by popular demand for its iconic brands, including the Splendor, Glamour, Passion and HF Deluxe motorcycles as well as the Duet, Maestro Edge and Pleasure scooters, the company said.

Ashok Bhasin, Head of Sales, Marketing and Customer Care, Hero MotoCorp, said, “Achieving 2 million two-wheeler retail sales in this year’s festive season is a new benchmark and is a matter of immense pride for us.. There has been good improvement in the consumer sentiments in both the rural and urban markets and we are confident of carrying forward our sales momentum into the months ahead.”