Hero MotoCorp Registers Increase of 51 percent in Profit to Rs 1,073 Crore, Sells More than 14 Lakh Units in Third Quarter

Hero MotoCorp, one of the big two-wheeler companies, has performed well in the third quarter of the current financial year. Its sales increased by 21 percent on year-on-year basis to about 14.6 lakh units. There has been a growth of 51 percent in the revenue of the company and it is Rs 9,724 crore.

Sales of the automobile industry have increased rapidly in the last few months. According to a media report, Hero MotoCorp's revenue has increased by about three percent and net profit by 1.8 percent. The company has sold 14.6 lakh units in the third quarter. This is an increase of 18 percent compared to the same period of the previous financial year. However, sales grew three percent on a quarter-on-quarter basis.

Niranjan Gupta, Chief Executive Officer, Hero MotoCorp, said, “The government's focus on expanding infrastructure in the recently presented interim budget will improve conditions for business and the economy. This will also increase employment opportunities. In the premium segment of motorcycles Some of our new launches have seen initial success. We are expanding capacity in this segment. Our electric two-wheeler presence has increased to around 100 cities. With the tie-up with Ather, we are also expanding the charging network. We are expanding from Rs. 500 crore to Rs. 500 crore. We will launch new products in the affordable and mid segments. We are well positioned to increase market share and accelerate growth.”

The price of the company's electric scooter Vida V1 is Rs 1.26 lakh and V1 Pro is Rs 1.46 lakh (ex-showroom, Delhi, including subsidy). The company has prepared to make this electric scooter available in countries like France and Spain. It competes with Ola Electric's S1 Pro and Ather Energy's 450X. The company plans to launch electric two-wheelers in different price segments. The company has increased the pace of its plans for EV. Hero MotoCorp is also preparing to launch an electric motorcycle. Sales of electric two-wheelers have increased in the last few years. However, Hero MotoCorp has delayed its entry into this segment a bit. Ola Electric has about 40 percent share in this market.