Hero MotoCorp, India’s largest two-wheeler manufacturer, today reported a net profit of ₹1,054 crore for the second quarter of the financial year 2023-24 (Q2 FY24), up 47% from ₹720 crore in the same quarter a year ago. Revenue for the quarter grew 26% to ₹7,961 crore, from ₹6,271 crore in the previous year.
The company’s performance was driven by strong demand for its products, particularly in the domestic market. Hero MotoCorp’s motorcycle sales grew 26% to 1.6 million units, while scooter sales grew 19% to 500,000 units.
Domestic Market
Hero MotoCorp’s domestic sales grew 26% to 1.5 million units, from 1.2 million units in the previous year. The company’s motorcycle sales grew 26% to 1.2 million units, while scooter sales grew 19% to 300,000 units.
The growth in the domestic market was driven by strong demand for Hero MotoCorp’s new products, such as the XPulse 200 4V and the Destini 125. The company also benefited from the reopening of the economy and the easing of COVID-19 restrictions.
Exports
Hero MotoCorp’s exports grew 19% to 100,000 units, from 84,000 units in the previous year. The company’s exports to key markets, such as Bangladesh, Nepal, and Sri Lanka, grew strongly.
Outlook
Hero MotoCorp said it expects to continue to grow in the coming quarters, driven by strong demand for its products. The company is also investing in new technologies, such as electric vehicles and connected vehicles, to stay ahead of the competition.
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