BackHero Motocorp to hike motorcycle, scooter prices by 1% from October 3
This is the second price hike announced by the automobile manufacturer within the past three months, as the company had raised the rate of select two-wheeler models by 1.5% in July.
PremiumHero Motocorp, the country's largest two-wheeler manufacturer, will be raising the prices of its motorcycles and scooters by 1 percent from October 3 onwards, as per a statement issued on September 29.
The price revision is part of “our regular review" of product competitiveness and positioning, factoring inflation, margins and market share, the New Delhi-headquartered company said.
“Hero MotoCorp will make a marginal revision in the ex-showroom prices of select motorcycles and scooters, effective from October 3, 2023. The price increase will be around 1 percent and the exact quantum of increase will vary by specific models and markets," it noted.
This is the second time within the last three months when Hero Motocorp has announced a price hike. The company had earlier raised the rates of select motorcycle and scooter models by 1.5 percent on July 3.
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In August, the two-wheeler maker had clocked a total sale of 4.89 lakh units, marking a surge as compared to 4.63 lakh units sold in the same month of the previous year.
In the Indian market, the company's sales numbers came in at 4,72,974 units in August 2023, as against 450,740 units sold in the year-ago period. The overseas shipments amounted to 15,770 units, significantly higher as compared to 11,868 units sold in the overseas market in August 2022.
In the quarter ending June 2023, Hero Motocorp had posted a net profit of ₹825 crore, up 32 percent from ₹625 crore reported in the year-ago period. The revenue had climbed by 4.5 percent on-year to ₹8,767 crore.'
In the trading session on September 29, the company's scrip settled at ₹3,056.95 on the BSE, which was 2.85 percent higher as against the previous day's close.
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