World’s largest 2W manufacturer in volume, Hero MotoCorp, ended the month of March 2024 on a positive note. We’re talking about YoY and MoM growth across most aspects like motorcycles, scooters, domestic and international businesses. It was green all the way for India’s largest 2W manufacturer where MoM sales are concerned.
The 2W juggernaut of the world, Hero MotoCorp, managed to push out a total of 4,90,415 units last month including domestic and export markets. With 4,56,724 motorcycles sold last month, Hero MotoCorp witnessed a 6.38% YoY decline over 4,85,896 units sold in March 2023. However, this was a 4.33% MoM growth over 4,36,929 units sold in February 2024.
Where scooter sales are concerned, Hero has registered a positive YoY growth with 33,691 units. However, this growth is by the skin of the teeth with a 0.73% YoY boost, gaining 245 units in volume. When opposed to 31,481 scooters sold a month before, Hero saw a 7% MoM growth.
Hero’s domestic sales stood at 459,257 units last month. As opposed to 5,02,730 units sold last year and 4,45,257 units sold a month before, Hero’ domestic sales witnessed a 9.4% YoY decline and 3.04% MoM growth.
Company’s exports almost doubled in volume YoY which was the same remark we made last month while analysing February 2024 sales. This is a good trend for Hero to maintain and continue to expand their presence in global markets. Hero shipped 31,158 units last month which was almost doubled when compared to 16,612 units sold a year ago with 87.57% YoY growth.
As opposed to the 23,153 units shipped in February 2024, Hero’s exports grew by 34.57% MoM. In total, Hero pushed out 4,90,415 units out of its manufacturing facilities. The company’s primary volume generators continue to be budget commuter motorcycles like Splendor, Glamour, Passion and the likes. The company has expanded its premium motorcycle range with the launch of Xtreme 125R.
YTD, the company sold 51,90,672 motorcycles in FY 23-24, surpassing the 49,59,156 units sold during FY 22-23. Where scooters are concerned, Hero sold 4,30,783 units in FY 23-24 over 3,69,390 units from last FY. In total, Hero MotoCorp sold 56,21,455 units with a positive growth over 53,28,546 units sold in previous FY.
Hero MotoCorp registered a 10% growth in 4th quarter of FY 23-24. The company’s sales performance in international business (exports) is commendable with 16% growth in FY 23-24. Emerging Vida brand, the recent product offensive in its premium motorcycle lineup have contributed in this effect.