Hero MotoCorp Sales Grow by 7% in Third Quarter of FY-15

Hero MotoCorp has recorded a growth of 7% in third quarter of the fiscal 2015-16 as compared to corresponding period in 2014-15. It sold a total of 16,90,354 units resulting in a turnover of Rs. 7,295 Crore. The company has captured about 20% of scooter market share in the country after the launch of Maestro Edge and Duet. Hero was among the manufacturers who had brought the most number of offerings (around 80) at the 2016 Auto Expo. The world’s largest two-wheeler manufacturer had a ‘Greenovation’ theme at its stall and was one of the best-looking pavilions at the Expo.

Announcing the sales, Mr. Pawan Munjal, chairman, managing director and chief executive officer, Hero MotoCorp, said, “The third quarter (October-December) of financial year (FY) 2015-16 was significant for HMCL, as we achieved two important milestones. We successfully launched Maestro Edge and Duet scooters – the first of the products developed by our own in-house R&D team. Both of these new scooters have received positive response from the customers. Secondly, in the festive quarter, we set yet another benchmark by surpassing the million-mark in retail sales during the 35-day festive period.”

He further added, “The domestic two-wheeler market continues to be sluggish; we expect sentiments to remain subdued for the next couple of quarters. Demand in rural markets has been severely impacted due to two consecutive sub-normal monsoons. We may see a positive turn-around towards the second half of the next fiscal if we have a good monsoon and sentiments change in the rural market.”

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