Hero MotoCorp sees double-digit growth in FY131 min read . Updated: 06 Jan 2012, 01:34 PM IST
Hero MotoCorp sees double-digit growth in FY13
New Delhi: Hero MotoCorp Ltd, India’s largest motorcycle maker, expects double-digit percentage growth in sales to continue for the fiscal year starting in April, a top official said on Friday.
Hero sold 6.1 million vehicles, including scooters, in 2011, a 19.2% rise from the previous year.
“We are very bullish for the company and I believe we will continue to grow in double digits," managing director Pawan Munjal said at the New Delhi Auto Expo, after the company unveiled its first concept hybrid scooter.
Scooters currently form a tiny part of total sales, but Munjal said growth in the segment is faster than for motorcycles.
The company, formerly called Hero Honda Motors, was renamed last year after the controlling shareholder, India’s Munjal family, bought Japanese partner Honda Motor Co’s 26% stake.
It has since set a target of achieving annual sales of 10 million vehicles within five to six years, with 10% of volumes from overseas markets.
By 12:47 pm, shares in Hero MotoCorp, valued at $6.9 billion by the market, were down 4.2% in a Mumbai market that fell 0.7%.