- Sold 13.90 lakh units during the quarter
- Registered 36 per cent growth over FY2021-22
- First electric vehicle to arrive in festive season
Hero MotoCorp has reported its financial performance for the first quarter (April-June 2022) of the financial year 2022-23. During the said period, the company sold 13.90 lakh motorcycles and scooters, registering a growth of 36 per cent over the corresponding quarter in the previous financial year.
The two-wheeler manufacturer further stated that despite the commodity headwinds and supply chain disruptions consequent to geopolitical issues, the company maintained its EBITDA margins sequentially, through a combination of cost-saving measures, judicious price increases, and premiumisation of the model line-up.
Speaking about the sales performance, Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said that the fiscal year began positively for the industry, with growth over not only last year but sequentially over Q4 FY22 as well. Gupta added that as the country enters the festive season, the company expects the two-wheeler demand to be on a healthy trajectory supported by micro factors like a normal monsoon, crop cycle, opening of all sectors of the economy, etc.
During the quarter, Hero MotoCorp launched several new products under the XTEC series. These include Splendor XTEC, Glamour XTEC, Passion XTEC, and Destini XTEC. Further, the company is gearing up to launch its electric vehicle in the festive season and has forged several partnerships and collaborations on this front, including charging infrastructure. This electric vehicle will be launched under the company’s Vida brand.
