As the festive season in India approaches, Hero MotoCorp CEO Niranjan Gupta announced on Tuesday that the company is set to introduce new scooter models over the next two quarters in a bid to revitalize the segment.
In addition, the two-wheeler manufacturer highlighted that its electric vehicle brand, Vida, is steadily expanding its market presence. “We plan to broaden our portfolio within the affordable segment before the end of this fiscal year,” Gupta stated.
Hero MotoCorp reported a standalone net profit of ₹1,123 crore for the quarter ending June 30, 2024, marking a 36% increase year-on-year from ₹825 crore in the same period last year. The company also noted that it achieved its highest-ever profit after tax (PAT) when adjusted for exceptional items.
The company has seen a notable recovery in its market share within the 125cc motorcycle segment, driven by the launch of the new Xtreme 125cc model. Hero MotoCorp continues to dominate the entry-level and deluxe 100/110cc segments, holding over 70% market share with popular models like Splendor, Passion, and HF Deluxe.
Looking forward, Hero MotoCorp aims to strengthen its position in the premium segment by building on its recent launches.
Gupta also emphasized the positive impact of India’s economic indicators, including inclusive policies and increased capital investment in infrastructure and the rural sector, as outlined in the Union Budget.
“With inflationary pressures easing, consumer purchasing power is expected to rise, further boosting momentum as we prepare for a robust festive season,” Gupta remarked.
Expressing confidence in the company’s future prospects, Gupta added, “We are optimistic about the demand trajectory in the coming quarters. Our product launches and strategic initiatives are well-aligned to capitalize on the positive market environment, ensuring continued growth and value creation for all our stakeholders.”
