Hero MotoCorp March 2024 sales report: Splendor, Passion, Xtreme, Glamor

With a commendable 10% growth reported in Q4FY23-24, Hero MotoCorp remains poised for sustained growth and expansion.

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Courtesy: X/HeroMotoCorp

New Delhi: In a remarkable display of market dominance, Hero MotoCorp, the world's largest two-wheeler manufacturer by volume, has once again reaffirmed its leading position with robust sales figures for March 2024. Despite facing challenges, the company managed to sell an impressive total of 4,90,415 units within a span of just 31 days, marking a significant milestone in its sales trajectory.

Breakdown of sales figures

Hero MotoCorp witnessed a year-on-year decline of 6.38%, with 4,56,724 motorcycles sold in March 2024 compared to 4,85,896 units sold in the same period last year. However, this decline was offset by a notable 4.33% month-on-month growth, as sales surged from 4,36,929 units in February 2024 to 4,56,724 units in March 2024.

Domestic and export markets performance

The domestic market remained the primary focus for Hero MotoCorp, with 459,257 units sold last month. Although this marked a 9.4% year-on-year decline, the company experienced a modest 3.04% month-on-month growth compared to the preceding month's sales of 4,45,257 units.

On the export front, Hero MotoCorp witnessed an exceptional performance, nearly doubling its exports on an annual basis. Shipping 31,158 units in March 2024, the company recorded a staggering 87.57% year-on-year growth, reflecting its expanding global footprint.

Product portfolio and growth initiatives

Hero MotoCorp's production lineup continues to be anchored by its flagship models, including the Splendor, Glamour, Passion, and other budget commuter motorcycles. Additionally, the company has ventured into the premium motorcycle segment with the introduction of the Xtreme 125R, signaling its commitment to diversifying its product offerings and catering to evolving consumer preferences.

Remarkable growth in FY 23-24

The financial year 2023-24 proved to be immensely fruitful for Hero MotoCorp, with the company achieving significant milestones in both motorcycle and scooter sales. Surpassing the previous fiscal year's figures, Hero MotoCorp sold a total of 56,21,455 units, reflecting a positive growth trajectory and consolidating its position as an industry leader.

Outlook, future prospects

With a commendable 10% growth reported in Q4FY23-24, coupled with a robust performance in international trade, Hero MotoCorp remains poised for sustained growth and expansion. The company's strategic focus on innovation, product diversification, and market penetration bodes well for its future prospects in the competitive two-wheeler industry.