Hero MotoCorp, the world's largest manufacturer of two-wheelers in terms of volume, concluded March 2024 on a positive note, witnessing year-on-year (YoY) and month-on-month (MoM) growth across various segments, including motorcycles, scooters, domestic, and international markets. The leading two-wheeler manufacturer in India experienced encouraging sales figures for its month-on-month sales.
Sales Performance in March 2024
Hero MotoCorp achieved a total sales figure of 490,415 units last month, encompassing both domestic and export markets. Of these, 456,724 units were motorcycles. While this marked a 6.38% YoY decline compared to March 2023, it represented a 4.33% MoM growth from February 2024, during which 436,929 units were sold.
Scooter sales saw a positive YoY growth, with 33,691 units sold. However, this growth was marginal at 0.73%, equating to an increase of 245 units compared to the previous year. Compared to the 31,481 scooters sold in the preceding month, Hero witnessed a 7% MoM growth.
Domestically, Hero sold 459,257 units in March. While this reflected a 9.4% YoY decline from the previous year's sales of 502,730 units, it indicated a 3.04% MoM growth from February's 445,257 units.
Export Performance
Hero's exports nearly doubled in volume YoY indicating a positive trend for the company's global expansion efforts. With 31,158 units shipped last month, Hero witnessed an 87.57% YoY growth compared to the 16,612 units exported a year ago. Moreover, exports grew by 34.57% MoM from the 23,153 units shipped in February 2024.
Hero MotoCorp's primary focus remains on budget commuter motorcycles like Splendor, Glamour, and Passion, although they have recently expanded their premium motorcycle range with the introduction of the Xtreme 125R.
Annual Performance Highlights
In the fiscal year 2023-24, Hero achieved significant milestones. The company sold 51,90,672 motorcycles surpassing the previous fiscal year's sales of 49,59,156 units. In terms of scooters, Hero sold 4,30,783 units, compared to 3,69,390 units in the previous fiscal year. Overall, Hero MotoCorp's total sales reached 56,21,455 units marking a positive growth over the 53,28,546 units sold in the previous fiscal year.
In the fourth quarter of FY 2023-24, Hero MotoCorp registered a 10% growth. Additionally, the company's international business, particularly exports, demonstrated commendable performance with a 16% growth in FY 2023-24. The introduction of the Vida brand and recent product launches in the premium motorcycle segment contributed to this positive trajectory.