Yesterday, I had blogged that we have seen “peak” Hero Moto Corp.
Right on cue, today Hero Moto Corp announced its Q2 results.The results are quite disastorous with net sales slumping by 11% and net profit falling by 27%.
In the press release, this is what Mr. Pawan Munjal Managing Director & Chief Exeoutive Officer, Hero MotoCorp Ltd. had to say :
” The two-wheeler market in the country has been adversely impacted due to the overall market slowdown and prevailing sentiments since the beginning of this quarter, Sensing the slowdown in the market, we led the way in adjusting our production plans in August and
September, and this has been reflected in our quarterly sales figures. The onset of the festive season has been encouraging, with the retail sales of over two lakhs in the Navratras.
We, at Hero MotoCorp will continue to bring new launches even as we expand our distribution reach to over 5400 outlets during this fiscal. Our global business plan will also take shape this fiscal, with the launch of Hero products in new international markets such as Nigeria, Kenya and Guatemala, having already launched in existing markets such as SriLanka and Nepal in September”
Er, Mr.Munjal what about the bull’s eye painted on your back by Honda and Bajaj?