The two-wheeler manufacturer also said that its EV brand Vida has started to increase its presence and market share. “We will be expanding portfolio into affordable segment within this fiscal,” Gupta added.
Hero MotoCorp reported reported a standalone net profit of Rs 1,123 crore for the quarter ended June 30, 2024 which was up by 36% YoY from Rs 825 crore in the corresponding period.
The New Delhi-headquartered company boasted to post its highest ever PAT after adjusting for exceptional items.
The two-wheeler pioneer also shared that it has seen a sharp recovery in its market share within the 125cc motorcycle segment, fuelled by the introduction of the new Xtreme 125cc model.
Also Read: Hero MotoCorp plans to roll out affordable EVs this fiscal The company continues to dominate the entry and deluxe 100/110cc segments, boasting over 70% market share with popular brands like Splendor, Passion, and HF Deluxe.Looking ahead, Hero MotoCorp is setting its sights on the premium segment.
The company plans to build on its recent launches over the last few quarters to strengthen its presence in this space.
Gupta also stressed upon how positive economic indicators in India, including inclusive policies and increased capital allocation to infrastructure and the rural sector announced in the union budget are set to aid the sector.
“With inflationary pressures easing, consumer spending power is set to rise, further driving momentum as we gear up for a big festive season ahead,” he said.
Expressing confidence in demand and launches which are set up for the future, Gupta said, “Overall, we are optimistic about the demand trajectory for the coming quarters. Our product launches and strategic initiatives are well‐aligned to capitalize on this positive market environment, ensuring continued growth and value creation for all our stakeholders.”