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Yes Securities Report
Hero MotoCorp Ltd.'s Q1 FY24 results were operationally in-line as weak gross margins were offset by curtailed other expense. Blended average selling prices were lower ~1% QoQ was led by lower spares at Rs 12.2 billion (14% of revenues) in Q1 FY24 versus Rs 12.71 billion in Q4 FY23.
Going ahead while the management remain hopeful of broad-based volumes recovery within two-wheelers, Hero MotoCorp is aiming at market share expansion led by new product launches.
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Further the focus will be on demand fulfilment of recently launched Harley X440 (~25,000 plus bookings) as have indicated ramp-up in production capacities for the same.
EV ramp-up is targeted with ~100 cities before December 2023 and have crossed ~36 cities currently.
Working on inter operable connector with Ather which will enable common charging between Ather and Hero EV products, leading to significant increase in charging infra footprint.
Further, company has hinted towards new EV launched in at lower priced points to be key for growth.
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