Hero MotoCorp recorded its highest-ever festive sales, clocking more than 14 lakh (1.4 million) units in retail sales during the 32-day festive period – between the first day of the Navratras and Bhai Dooj – this year. Riding on robust demand across rural markets as well as steady retail off-take in key urban centres, the company registered a 19 per cent growth over the previous year, and surpassed its previous highest retail of 12.7 lakh units which was recorded in the festive period of 2019.
Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp credits a strong portfolio of brands, scale of distribution and new launches in driving this growth across geographies. The festive season is a clear testimony that rural is coming back to growth, which augurs well for the country in general and the two-wheeler industry in particular. The record retail number was achieved due to the strong customer traction across markets, with good double-digit growth in the Central, North, South and East Zones.
The robust customer demand in the rural markets, in addition to the very positive sentiments in key urban centers, drove this record retail sales. With this robust retail sales, the post-festive channel inventory has now come down to its lowest level in more than three years. This has set the company on a steady growth path for the rest of the fiscal year. Adding cheer to the festive season, Hero MotoCorp rolled out the second edition of its programme targeted specifically for the festive period – encompassing new model refreshes, eye-catching color schemes, exciting benefits and attractive finance schemes for customers.