Hero MotoCorp sales dip 27% year on year in June, posts 4 fold jump in dispatches over May

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The country's largest two-wheeler maker Hero MotoCorp on Wednesday reported 26.88 percent dip in sales last month at 4,50,744 units as compared to the same period of last year. The company's dispatches last month, however, grew four-fold when compared to May this year.

The company had sold 6,16,526 units in June 2019 while it has despatched 1,12,682 units in May 2020.

“We have demonstrated phenomenal leadership quality and tenacity to clock a sharp vertical growth in our sales at a time of massive disruption and uncertainty," Hero MotoCorp Chairman Pawan Munjal said in a statement.

Sales of over 4.5 lakh two-wheelers in a highly disrupted month is also a clear signal of the resilience of the Indian economy to be able to revive in the face of any adversity, he added.

"This has vindicated our strong belief in the robust fundamentals of the Indian economy," Munjal said.

He added that a major part of the market demand is emanating from the rural and semi-urban markets, which have been helped to a large extent by the various stimulus packages rolled out by the government.

"A combination of multiple factors, including the forecast of a normal monsoon, a bumper Rabi crop and the upcoming festive season are expected to keep the momentum going over the next few months," Munjal noted.

The company said more than 95 percent of its customer touchpoints have become operational with strict safety measures and protocols in place.

The two-wheeler major reported total sales of 5,63,426 units of motorcycles and scooters in the first quarter of the current financial year.