Two-Wheeler Sales March 2022: Hero MotoCorp Sells 4.5 Lakh Units

Hero MotoCorp has reported sales of 4,50,154 units in March 2022, reporting a sequential growth of 25 per cent over the volume sales in February 2022, when the company despatched 3,58,254 units of motorcycles and scooters. However, compared to March 2021, Hero MotoCorp registered a year-on-year decline of 22 per cent, when it had despatched 5,76,957 units. The company said in a statement that the month-on-month increase in sales indicates a gradual recovery in the economy and that the company expects sales momentum to build up in the new financial year 2022-23.

Also Read: Hero MotoCorp Despatches 5.77 Lakh Units In March 2021

In FY 2022, the auto industry witnessed significant disruptions triggered by the second and third wave of the Coronavirus pandemic, restricting customer movement, the company noted. In the fiscal year 2021-22 (April 2021 - March 2022), Hero MotoCorp sold 49,44,150 units of two-wheelers, still a 15 per cent decline over FY 2020-21, when the company had despatched 57,91,539 units in the same period.

Also Read: IT Department Alleges Rs. 800 Crore Siphoned By Hero MotoCorp

Hero MotoCorp despatched 4,25,721 motorcycles in March 2022

In the motorcycle segment, Hero MotoCorp despatched 4,25,721 two-wheelers in March 2022, compared to 5,24,608 units in March 2021, recording a decline of 19 per cent. Scooter segment sales also fell sharply by over 53 per cent, from 52,349 units in March 2021 to 24,433 units in March 2022. Overall domestic market sales accounted for 4,15,764 units in March 2022, compared to 5,44,340 units in March 2021. Exports however displayed a marginal improvement with 34,390 units in March 2022, up 5 per cent from 34,390 units in March 2021.

Also Read: Hero MotoCorp To Hike Prices By Rs. 2,000 From April 5, 2022

In March 2022, Hero MotoCorp faced another challenge. Officials of the Income Tax Department raided the company's offices as well as residences of Hero MotoCorp's senior officials. The raids launched on March 23 revealed alleged illegal business expenses of over Rs. 800 crore, Rs. 60 crore unaccounted cash used to purchase land in Delhi and role of some shell companies. A latest response from the company on the latest IT Department press statement is awaited. The company's stock price took a beating at the markets, with shares of Hero MotoCorp tumbling more than 6 per cent on April 1, 2022.