Hero Motocorp on Wednesday informed that its motorcycle and scooter sales in November recorded a 40.9 per cent dip on a year-over-year basis to 3,49,393. It had sold about 5.91 lakh motorcycles and scooters combined in the comparable period last year.
The company stated that it sold approx 3.29 lakh motorcycles and 20,208 scooters in November. This implied a decline of 39.2 per cent on a year-over-year basis in motorcycle sales and 59.3 per cent in scooter sales during the same period.
"Delay in harvesting due to the late withdrawal of monsoon in many parts of the country, impacted the demand post-festive season. With the economy gradually opening up coupled with several other positive indicators, such as encouraging farm activity, confident consumer index and marriage season, a swift revival in sales is expected in the fourth quarter," the company said.
It added that softening of commodity prices with reduced excise duty on fuel and increased spending on capital expenditure programs by the government is likely to bring back momentum in the two-wheeler industry.
Year-to-date, the company has sold a total of 31.28 lakh motorcycles and more than 2.31 lakh scooters.
Its domestic sales stood at 3,28,862 in November whereas exports stood at 20,531.
Hero Motocorp informed that the company's eclectic vehicle project at the Chittoor manufacturing facility in Andhra Pradesh is progressing as per plans. The company informed that it has appointed Swadesh Srivastava to lead the company's Emerging Mobility Business Unit (EMBU). It is set to launch its first EV product by March 2022, the company informed.
The company's stock closed nearly flat at Rs 2,445.90 on the BSE and Rs 2,450 on the NSE.
In Q2, the company's profit fell 16.7 per cent to Rs 794.40 crore owing to lower volumes, which registered a 21 per cent drop. Revenue from operations declined about 9.8 per cent to Rs 8,453.40 crore.
