Hero MotoCorp reported only a modest increase in November sales, after two months of record-setting performance.
Overall two-wheeler sales came in at 6.10 lakhs in November, up from 6.05 lakh in the same month last year.
In percentage terms, the increase is less than 1% (0.8% to be precise), despite it being a festival month.
Compared to 6.1 lakh in November, the company had despatched 7.35 lakh two-wheelers in the preceding month of October, which was a growth of 16.4% over the previous year.
In the month before that, the company had set a record of 7.69 lakh.
A month ago, the company had warned that festival sales were ‘moderate’ due to higher insurance costs.
In its statement today, Hero MotoCorp reiterated that the industry witnessed “conservative sales off-take during the previous couple of months owing to issues like increase in insurance costs before the festive season and overall lowkey market sentiment.”
“However, sales picked up in the last few days of the festive season,” it said.
During November, Hero MotoCorp commenced nationwide retail sales of its new 125cc scooter, the Destini 125.