Shares of Hero MotoCorp faced a decline of nearly 3% on Tuesday, despite reporting a 5.49% year-on-year (YoY) increase in motorcycle and scooter sales for the fiscal year 2023-24 (FY24).
The dip in share price was attributed to a 5.57% YoY decrease in sales volumes for the month of March.
In March, the company sold 490,415 units of motorcycles and scooters, marking a decline from 519,342 units sold during the same period last year. However, for the entire FY24, Hero MotoCorp closed with sales of 5,621,455 units, reflecting a growth of 5.49% compared to the previous fiscal year.
The company had sold 5,328,546 units in FY23. Motorcycle sales in FY24 stood at 5,190,672 units, an increase from 4,959,156 units in FY23. Scooter sales also witnessed growth, reaching 430,783 units in FY24, compared to 369,390 units in FY23.
Despite the overall yearly growth, Hero MotoCorp’s exports witnessed a significant surge of 87.60% YoY in March.
As of 10:45 am, Hero MotoCorp shares were trading 2.23% lower at ₹4,576.20 on the National Stock Exchange (NSE), reacting to the lower sales volumes in March.
