According to a statement released on September 29, Hero Motocorp, the nation’s top two-wheeler manufacturer, would increase the pricing of its motorbikes and scooters by 1% starting on October 3.
The price increase is part of “our regular review” of product competitiveness and positioning, which takes into account inflation, margins, and market share, according to the corporation headquartered in New Delhi.
“On October 3, 2023, Hero MotoCorp will make a minor adjustment to the ex-showroom prices of select motorcycles and scooters.” The price increase will be roughly 1%, with the actual amount varying depending on the model and market,” it stated.
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Hero Motocorp has announced a price increase for the second time in the previous three months. On July 3, the business hiked the prices of several motorbike and scooter models by 1.5 percent.
The two-wheeler manufacturer sold 4.89 lakh units in August, up from 4.63 lakh units sold in the same month the previous year.
In the Indian market, the company sold 4,72,974 units in August 2023, up from 450,740 in the previous year. international exports were 15,770 units, a considerable increase above the 11,868 units sold in the international market in August 2022.
Hero Motocorp declared a net profit of 825 crore in the fiscal quarter ended June 2023, up 32 percent from 625 crore in the previous year. Revenue was up 4.5 percent year on year to ₹8,767 crore.
The company’s stock rose 2.85 percent from the previous day’s closing to conclude the trading session on September 29 to close at 3,056.95 on the BSE.
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