Hero MotoCorp, the world's largest manufacturer of two-wheelers, concluded February 2024 on a high note, bolstered by increasing sales. In terms of year-over-year (YoY), month-over-month (MoM), and year-to-date (YTD) sales the company saw growth that was both favorable and consistent, and the popularity of its variety of affordable commuter motorcycles is a major reason for its success.
Sales Performance in February 2024
Hero MotoCorp provided a detailed breakdown of its sales figures, distinguishing between motorcycles and scooters, as well as domestic sales and international exports. Motorcycles remain the company's core competency evident from the sales data. In February 2024, Hero sold 436,929 motorcycles, representing 93.28% of its total sales.
In comparison to February 2023, where 371,854 units were sold, Hero experienced a noteworthy YoY growth of 17.50%, translating to a volume increase of 65,075 units. Furthermore, compared to January 2024, which saw sales of 436,929 units, Hero's motorcycle segment witnessed a MoM growth of 8.67%, with a volume increase of 34,873 units.
Year-to-date sales for Hero's motorcycles in FY24 totaled 4,733,948 units, compared to 4,473,260 units in FY23, marking a YoY growth of 5.83%, equating to a volume gain of 260,688 units. Motorcycles accounted for 92.26% of the company's total sales. Additionally, Hero sold 31,481 scooters last month, contributing 6.72% to its overall sales.
In February 2023, Hero sold 22,606 scooters; in January 2024, the company sold 31,542 units. Hero saw a minor MoM dip of 0.19% and a YoY gain of 39.26%. The YoY volume gain was 8,875 units, while the MoM volume loss stood at 61 units.
Expansion and Export Growth
Hero MotoCorp is diversifying its scooter portfolio with the upcoming additions of the Xoom 125 and Xoom 160. Year-to-date scooter sales reached 397,092 units, showcasing an impressive YoY growth of 18.20% compared to the 335,944 units sold in FY23.
Domestic sales continue to be Hero's primary strength, with 445,257 units sold in India, accounting for 95.06% of the company's total sales. This represents a 16.46% YoY growth compared to the domestic sales of 382,317 units in the previous year. Moreover, there was a 5.78% MoM growth over January 2024, with 420,934 units sold.
The domestic market witnessed a YoY volume gain of 62,940 units and a MoM volume gain of 24,323 units. Year-to-date domestic sales accounted for 96.69% of total sales, totaling 4,961,275 units, reflecting a YoY growth of 6.62%.
Hero's export segment demonstrated exceptional growth, with a remarkable 90.67% YoY increase and an 82.83% MoM increase, shipping 23,153 units last month. Export volume nearly doubled, with a YoY gain of 11,010 units and a MoM gain of 10,489 units. Year-to-date exports also witnessed an 8.73% YoY growth, with 169,765 units shipped in FY24.
Overall, Hero MotoCorp achieved remarkable figures, delivering 468,410 units last month and 5,131,040 units in FY24 YTD, reflecting an 18.75% YoY growth and an 8.03% MoM growth. YoY and MoM volume gains were 73,950 and 34,812 units, respectively.