The two wheeler maker on Wednesday announced that it will increase the ex-showroom prices of its select motorcycles and scooters, effective from 1 April 2023.
The company said that the price revision has been necessitated mainly due to cost increases on account of on-board diagnostics II (OBD 2) transition. Hero MotoCorp will continue to provide innovative financing solutions in order to cushion the impact on the customer.
The price revision will be around 2% and the exact quantum of increase will vary by specific models and markets.
The rural markets have been witnessing an upswing in demand, thanks to the government schemes in the social sector and healthy agricultural outputs. This augurs well for the industry as the growth momentum is expected to lead into the upcoming festive season towards the latter half of the fiscal, Hero MotoCorp stated in the press release.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters.
The company's net profit rose 4% to Rs 711 crore on a 2% increase in revenues to Rs 8,031 crore in Q3 FY23 over Q3 FY22.
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Shares of Hero MotoCorp were up 0.47% to Rs 2,365.05 on the BSE.
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