Hero Motocorp’s stock plunged nearly 3% in the morning session as the company announced lackluster sales numbers for January 2023. Its sales in January 2023 came down y-o-y by 6.25% when compared to January 2022.
The company announced that logged sales of 3,56,690 units in January 2023, as compared to 3,80,476 units in January 2022.
The firm anticipates that, following the initiation of the propitious period, there shall be an increase in demand during the upcoming festive season towards the latter portion of the month.
Of the total sales, the company sold 3,33,638 units of Motorcycles in January 2023, as against 3,57,845 units in the previous corresponding period.
Sale of scooters was reported at 23,052 units in the period under review, registering marginal growth against the sale of 22,631 units in January 2022.
Company’s exports declined significantly to 7,253 units in January 2023, as compared to 21,816 units in the same month previous year. On the other hand, the domestic sale also declined to 3,49,437 units in the period under review.
Hero MotoCorp launched the new scooter Xoom, redefining the scooter category and charting the next phase of its tech-enabled journey in the scooter segment. The Hero Xoom represents a novel approach to the 110cc segment, said the company in its media release.
At around 11.56 AM, Hero Motocorp was trading 3.02% lower at Rs2,645 per piece, against the previous close of Rs2,727.25 on NSE.
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