Hero MotoCorp rides global sales, festivals to record Q2

India’s largest two-wheeler maker saw a 24% y-o-y jump in consolidated net profit to 1,321 cr

- Ayaan Kartik

Hero MotoCorp rode on strong domestic demand for its scooters and motorcycles—both petrol and electric—and an expansion of sales in overseas markets to post record quarterly earnings for the three months ended September.

India's biggest two-wheeler maker reported a 24% year-on-year jump in consolidated net profit to 1,321 crore, while revenue rose 16% to 2,458 crore. Both profit and revenue were the highest for the company in a single quarter.

Its performance capped a strong second quarter for India’s top two-wheeler makers, with peers TVS Motor Co. and Bajaj Auto also reporting robust growth.

Hero Motocorp had reported earlier that its sales of motorcycles and scooters had increased a healthy 11% to 1.69 million units in the quarter.

Hero Motocorp had reported earlier that its sales of motorcycles and scooters had increased a healthy 11% to 1.69 million units in the quarter, boosted by cuts in goods and services tax (GST) on entry level bikes as well as festive sentiment.

Within this, domestic sales clocked an 8% year-on-year rise to 1.58 million units in the quarter, while international sales, aided by expansion into various European markets, among others, surged 77% to 111,584 units.