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 perio🌊d 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 sa𝔍les during the same period.
"Delay in harvesting due to the late withdra𒉰wal 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 ꦆindicators, 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-wheel꧅er industry.
Year-to-date, the company has sold a tot💫al 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 t🌳hat 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 co🌌mpany'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 ꦬdec🐻lined about 9.8 per cent to Rs 8,453.40 crore.
