The third quarter (October-December) of financial year (FY) 2015-16 was significant for HMCL, as we achieved two important milestones. We successfully launched Maestro Edge and Duet scooters – the first of the products developed by our own in-house R&D team. Both of these new scooters have received positive response from the customers. Secondly, in the festive quarter, we set yet another benchmark by surpassing the million-mark in retail sales during the 35-day festive period.
The domestic two-wheeler market continues to be sluggish; we expect sentiments to remain subdued for the next couple of quarters. Demand in rural markets has been severely impacted due to two consecutive sub-normal monsoons. We may see a positive turn-around towards the second half of the next fiscal if we have a good monsoon and sentiments change in the rural market.
Hero MotoCorp Ltd. (HMCL), the world’s largest two-wheeler manufacturer, today reported the financial performance for the third quarter (October–December’15) of FY’16.
Backed by its winning brands, including Splendor, Passion, Glamour, HF Deluxe, Super Splendor and the recently introduced new scooters – Maestro Edge & Duet, HMCL reported sales of 16,90,354 units in Q3 FY’16.
Hero MotoCorp’s first completely in-house developed products – Maestro Edge and Duet helped HMCL cross the landmark figure 1 lakh scooter despatches in October 2015. The popularity of the scooters also helped in improving the company’s scooter market share to over 20% in December 2015.