- Hero MotoCorp's domestic sales fell 8% to 6.5 lakh units in October
- Two-wheeler sales declined 6.4% to 6.36 lakh units year-on-year
- Exports rose 42.8% to 30,979 units in October compared to last year
Hero MotoCorp Ltd. reported on Monday an 8% decline in domestic sales for October, despite the overhaul in goods and services tax rates.
The firm's total domestic sales went down 8% to 6.5 lakh units as compared to the previous year's 6.57 lakh units, according to an exchange filing by the company.
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The automobile major's total two-wheeler sales for the period went down 6.4% at 6.36 lakh units year-on-year, compared to the previous year's 6.73 lakh units.
The sales also fell short of NDTV Profit's estimate of 6.56 lakh units.
Exports, on the contrary, saw a 42.8% uptick for October at 30,979 units versus 21,688 units.
After the GST rate cut on two-wheeler motor vehicles (under 350 cc) from 28% to 18%, the firm implemented price cuts of up to Rs 15,743 on their Hero range of motorcycles.
The company's Karizma 210 bike saw the largest amount of savings as its price was reduced by Rs 15,743. The Xpulse 210 and Xtreme 250R models also saw similar notable price cuts by Rs 14,516 and Rs 14,055, respectively.
In the scooter segment, Hero MotoCorp reduced the prices of models such as Pleasure Plus, Destini 125 and Xoom 160.
Despite these substantial price reductions, the domestic sales numbers across the company's various two wheeler segments show that it has not spurred more sales of their products.
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