Hero MotoCorp Achieves 7.5% Growth in CY24

Hero MotoCorp posts 7% CY24 growth despite a 17% drop in December sales, with 294,152 units dispatched domestically, down from 377,842 last year.

New Delhi - Hero MotoCorp Ltd., a two-wheeler manufacturer, achieved a 7.5% sales growth in 2024, reaching 59 lakh units compared to 54 lakhs in 2023. However, December sales declined 17.5% year-on-year to 324,906 units.

In December 2024, Hero MotoCorp dispatched 294,152 two-wheelers in the domestic market, marking a significant decline from 377,842 units during the same month in 2023. The drop in domestic sales reflects the broader challenges faced by the industry during the period. However, the company saw notable growth in its export performance, with shipments rising sharply to 30,754 units, compared to 16,110 units in December 2023. This increase in exports underscores Hero MotoCorp's efforts to expand its global footprint and strengthen its presence in international markets.

In December 2024, motorcycle sales declined 16% year-on-year to 298,516 units, while scooter sales saw a sharper drop of 33%, totaling 26,390 units. Despite these setbacks in the domestic market, the company achieved impressive growth in its exports. For the full year 2024, exports surged by 49%, driven by the launch of eight new models and the company’s expanded presence in key international markets, including Nepal, Brazil, Southeast Asia, and the Philippines. This growth in exports has played a significant role in helping the company maintain its competitive edge globally.

Mr. Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp Ltd, said, "Growth across multiple segments from our core offerings, 125cc motorcycle segment and the evolving electric mobility portfolio has reinforced Hero's position as the preferred brand for millions of customers across the country. We believe an improvement in the broader customer sentiment may lead to even stronger demand recovery for us and the industry."