Hero MotoCorp Q1 FY23 sales rise nearly 36% YoY

Hero MotoCorp said that it had sold 13.90 lakh units in the first quarter of the financial year 2022-23, recording a growth of 35.7% over the corresponding quarter of the previous fiscal.

The company had sold 10.25 lakh units in Q1 FY22.

Sequentially, this translates into a growth of 17% over the last quarter of the fiscal year 2021-2022, when the company had sold 11.89 lakh units.

"The growth in volumes indicate the continuously improving consumer sentiment and the company expects the positive trend to continue in the coming months, on the back of a decent monsoon, and encouraging farm activity," the company said in a statement.

Total motorcycle and scooter sales in June 2022 was 4.85 lakh units, which is higher by 3.3% over 4.69 lakh units sold in the corresponding month of the previous fiscal.

While domestic sales increased by 5.6% to 4.63 lakh units, exports declined by 29.3% to 0.21 lakh units in June 2022 over June 2021.

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters.

The two-wheeler major's standalone net profit declined 27.51% to Rs 627.05 crore on 14.55% fall in net sales to Rs 7,421.73 crore in Q4 March 2022 over Q4 March 2021.

The scrip rose 1.48% to end at Rs 2759.90 on Friday.

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