Hero MotoCorp eyes volumes of over 1.3 million units in Navratri to Diwali festive period
The company has so far grown by 15 percent this festive season and the momentum is further building, state company officials.
Hero MotoCorp, the country's largest two-wheeler maker, is hoping to sell over 1.3 million units this festive season - registering a double-digit growth in the key festive period of Navratri to Diwali.
Niranjan Gupta, CEO of Hero MotoCorp told analysts on Thursday that the demand momentum has been very good and both rural and urban areas are witnessing strong traction.
"The festive season has started off very well and overall we do expect momentum building as we move forward. So far we have grown by 15 percent and we expect that the market will grow in double digits this season," he said.
The top management of Hero MotoCorp stated that the Indian economy continues to be resilient and is amongst the fastest-growing economies in the world.
"All the indicators are moving in the positive direction, there is a strong consumer confidence. While the monsoon was patchy in parts, the rabi crop has been good so far, hence we expect this momentum to continue," added Gupta.
Hero MotoCorp said while the thrust towards the premium motorcycle segment will continue, its recent strategic steps to grow its core mass market segment have started to deliver results.
Ranjivijit Singh, Chief Growth Officer at Hero MotoCorp says, "For us, it is about growing the market and putting our best foot forward to invite more entry buyers into our portfolio, with penetration still at 50%, and there is a significant need for personal mobility."
The company assured that the new product action will continue across segments. The interventions in the entry segment are already reaping rewards, and there is a new 125 cc scooter and motorcycle in the offing informed the management, apart from the premium range of products, which has been the biggest thrust area for Hero MotoCorp.
"We will have more launches on the premium side. You will see launches over the next 4-6 quarters. The focus is on the 125 cc segment and above - there will be some action on the scooter side, and we will keep everyone excited in the coming quarters," Gupta stated.
The initial phase of this expansion plans will begin from the north and south regions.
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