Hero MotoCorp Hikes Product Prices To Offset Higher Input Costs, June Sales Rise 13%
Hero MotoCorp Ltd. has hiked prices of its motorcycles and scooters to partially offset higher input costs amid rising demand as sales climbed in the month of June.
While the quantum of hike varies from model to model, the increase is up to Rs 500 at the ex-showroom level, Hero MotoCorp said in a stock exchange filing today. The upward revision was partially offset the impact of rising input costs and currency depreciation, it added.
Sales of the country’s largest two-wheeler maker advanced 13 percent to 7.04 lakh units as compared to the same month last year. The company also clocked record sales of more than 2.1 million unit sales in the first quarter of the current fiscal.
“With monsoon already hitting many parts of the country, the positive consumption pattern is expected to continue in the coming months,” Hero MotoCorp said in the exchange filing. Going ahead, the company will launch more products in its premium motorcycles and the scooters segments to cater to growing demand.