Hero MotoCorp will hike the prices of its motorcycles and scooters by up to Rs 3,000 from July 1, 2021, the company said on Tuesday. The prices have been increased due to rising commodity prices.
"The price hike has been necessitated to partially offset the impact of continuous increase in commodity prices. The company continues to drive cost savings programs aggressively, in order to minimise the impact on the customer," Hero informed via a stock exchange filing.
The price hike across the range of motorcycles and scooters will be up to Rs 3,000, and the exact quantum of the increase will depend on the basis of the model and the specific market, Hero said.
Hero MotoCorp had restarted production at all its manufacturing plants across the country from May 24 onwards. The country's largest two-wheeler manufacturer also initiated single shift production at three of its plants -- Gurugram and Dharuhera in Haryana and at Haridwar in Uttarakhand on May 17.
Two-wheeler market leader had reported a 44 per cent jump in consolidated net profit at Rs 885.28 crore for the fourth quarter ended March 31, riding on robust sales.
The company, which has re-appointed Pawan Munjal as its chairman and CEO for a term of five years with effect from October 1, 2021, had posted a consolidated net profit of Rs 613.81 crore in the same period a year ago.
The consolidated revenue from operations during the period under review stood at Rs 8,689.74 crore against Rs 6,333.89 crore in the corresponding period a year ago, Hero MotoCorp said in a regulatory filing.
Meanwhile, Hero MotoCorp shares closed Rs 10.15 or 0.35 per cent higher at Rs 2,905 on the National Stock Exchange today.
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