Hero MotoCorp skid as total sales decline 6% YoY in Jan'23

Hero MotoCorp fell 2.71% to Rs 2653.10 after the two-wheeler major's total sales slipped 6.25% to 356,690 units in January 2023 as against 380,476 units sold in January 2022.

The company said that it expects the demand to build-up in the festive and marriage season in the latter part of the month, post the commencement of the auspicious period.

Sequentially, the company's total sales dropped 9.51% in January 2023 from 394,179 units sold in December 2022.

The firm's motorcycle sales stood at 333,638 units (down 6.76% YoY) and scooters sales were at 23,052 units (up 1.86% YoY) during the period under review.

Total domestic sales declined 2.57% YoY to 349,437 units while total exports slumped 66.75% YoY to 7,253 units in January 2023 over January 2022.

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters. The two-wheeler maker's standalone net profit declined 9.9% to Rs 716.07 crore despite of 7.4% rise in revenue from operations to Rs 9,075.35 crore in Q2 FY23 over Q2 FY22.

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