Two-wheeler maker Hero MotoCorp, signalling a positive outlook for the upcoming year, on Wednesday said that it will launch electric variants in the mid and affordable segment.
“Coming year willsee ustaking big strides in EV, through product launches in mid and affordable segment. Overall, we see a very positive outlook for upcoming years,” said Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp in a stock exchange filing.
“From the highest number of product launches, to the expansion of new format retail outlets and upgrade at super speed, to a digital‐first approach in premium, we set the building blocks in place for accelerated growth in future,” Gupta added.
The company is looking to amp up its scooter portfolio with the launch of Xoom 125 cc and Xoom 160 cc in the first half of the ongoing financial year, i.e., FY25.
It expects the macroeconomic factors to aid the industry’s growth and sees multiple tailwinds for the sector owing to stable commodity prices, expectations of a normal monsoon and an increased government spending.
HERO MOTO Q4
The country’s biggest motorcycle maker by market share, posted a higher-than-expected rise in its profit for the last quarter of the previous financial year, buoyed by sales of Splendor and Passion. Hero Moto’s standalone profit rose 18.3 per cent year-on-year to Rs 1,016 crore.Consolidated revenue from operations during the quarter under review stood at Rs 9,616.68 crore as against Rs 8,434.28 crore in the corresponding period a year ago, it added.Hero MotoCorp said it sold 13.92 lakh units of motorcycles and scooters in Q4 FY24 as against 12.70 lakh units in Q4 FY23. It sold 56.21 lakh units of motorcycles and scooters in FY24 as compared to 53.29 lakh units in FY23.
Total expenses were higher at Rs 8,427.36 crore in the fourth quarter as compared to Rs 7,508.94 crore in the same period a year ago.
Hero Moto also will be setting up its Brazil unit Hero MotoCorp do Brasil Ltda, a wholly-owned subsidiary, for manufacturing and distribution of its two-wheeler units. Name of the entity could change at the discretion of the Brazilian authorities.
Shares of Hero MotoCorp were trading higher 3.10 per cent as of 3 pm while benchmark indices were muted in a rangebound session.