Hero MotoCorp sells 56 lakh units in FY'24, registers growth of 10%

Hero MotoCorp has announced its financial results for the financial year 2023-24 (April 1, 2023-March 31, 2024). The brand reported a total sales figure of 56,21,455 units. The company registered a growth of 10 per cent in the fourth quarter (Jan-Mar’24) of the fiscal year. Hero MotoCorp also registered 16 per cent growth in its global business sales during the fiscal year.

In March 2024, the company sold 4,90,415 units of motorcycles and scooters. More than 4,000 units of the Vida V1 were sold in the month of March which is the highest for the brand. The company also expanded its reach across 100 cities. It has entered into a partnership with Ather Energy for the charging network, providing over 2,000 charging points across 100 cities to its customers. It is important to note that the Vida V1 electric scooter can also be fast-charged using Ather Grid.

Hero MotoCorp expects a double-digit revenue growth in FY’25 led by a gain in the 125 cc segment. The brand recently launched the Xtreme 125R and they are ramping up the production of their premium motorcycle portfolio and EV market share.

The premium motorcycles include exIt also upgraded its network with the appointment of 75 Premia outlets and the launch of over 400 Hero 2.0 stores.

For global operations, Hero MotoCorp announced its strategic plan to commence operations in Europe and the UK in FY’25. The company also bolstered some of its key international markets such as Nepal, and Costa Rica, by appointing new distributor partners in the region.

In March'24, the brand sold 4,90,415 units whereas in March'23, this figure was 5,19,342 units. The exports increased substantially from 16,612 units to 31,158 during the same period.