However, Hero Motocorp’s sales fell by 22 percent in March 2022 as compared to March 2021. According to the data received from the company, in the month of March last year, the company had sold 5,76,957 units. The month-on-month growth in sales indicates a gradual recovery in the economy, the company said in a statement.
The company further said that we expect the pace of sales to increase in the new financial year 2022-23. In FY22, the auto industry faced significant disruptions arising out of the second and third wave of the coronavirus pandemic, which restricted the movement of customers, impacting sales.
Hero Motocorp has sold 49,44,150 units of two wheelers in the financial year 2021-22 (April 2021 – March 2022), which is still a decline of 15 percent as compared to the financial year 2020-21. The company had registered sales of 57,91,539 units of vehicles in the domestic market in the last financial year.
Talking about the company’s motorcycle segment, Hero Motocorp sold 4,25,721 two-wheelers in March 2022, while in March 2021 the company sold 5,24,608 units of motorcycles. This year the motorcycle segment has registered a decline of 19 percent in sales.
On the other hand, if we look at the sales of the scooter segment, Hero Motocorp sold 52,349 units of scooters in March 2021, while the company has registered sales of 24,433 units of scooters in March 2022. This year the company has faced a drop of over 53 percent in the scooter segment sales.
Overall, the company’s sales in the domestic market in March 2022 were 4,15,764 units, as compared to 5,44,340 units in March 2021. However, in terms of exports, the company has achieved a growth of 7 percent in March 2022, as the company has exported a total of 34,390 units in March 2022.
Hero Motocorp faced another challenge in March 2022. Income Tax Department officials also raided the offices of the company as well as the residences of senior officers of Hero Motocorp. The raids unearthed alleged illegal business expenses of over Rs 800 crore, Rs 60 crore unaccounted cash to buy land in Delhi and the role of some shell companies.