Hero MotoCorp gained 2.10% to Rs 2,764 after the two-wheelers maker intimated the bourses that it will increase the ex-showroom prices of its motorcycles and scooters, effective from 1 December 2022.
The company said that the price increase will be up to Rs 1500 and the exact quantum of increase will vary by specific models and markets.Niranjan Gupta, chief financial officer (CFO) of Hero MotoCorp said, The upward revision of the prices of our motorcycles and scooters has been necessitated due to overall inflationary costs. We will continue to provide innovative financing solutions in order to cushion the impact on the customers.
We have also put in place accelerated savings programs, which will help us to offset any further cost impact, and drive improvement in margins. Moving forward the economic indicators are favorable to a growth in demand, and we expect industry volumes to pick up in coming quarters.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters.
The two-wheeler major's standalone net profit declined 9.9% to Rs 716.07 crore despite of 7.4% rise in revenue from operations to Rs 9,075.35 crore in Q2 FY23 over Q2 FY22.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
