Hero MotoCorp has released its financial report for Q2 FY22 and has reported sequential volume growth of 40.4% over Q1 FY22. Alongside this, the company has also revealed its plans to enter the EV market by next year. Hero MotoCorp is accelerating its focus on producing electric vehicles (EVs) as an integral part of its product portfolio. The company’s Electric Vehicle (EV) project is in the advanced stages and the product will be manufactured at its plant in Chittoor. The brand aims to enter the Indian EV market by March 2022.
Mysterious EV spotted
Hero MotorCorp has been showing interest in the electric vehicle segment for quite a while. It has invested heavily in Ather and most recently, it announced a strategic partnership with a Taiwan-based EV giant, Gogoro. Recently, a picture of one brand new Hero electric scooter had leaked on social media. Pawan Munjal, Chairman of Hero MotoCorp, could be seen standing next to the new electric scooter during the company’s live stream event of its ten-year celebrations. The building in the background suggests it could be the final ready prototype as it has been spotted inside Hero’s R&D facility in Jaipur.
The design of the electric scooter in the version shown in the leaked image appears quite sleek. It gets a curved body design with a combination of white and black colours, a flyscreen, and a long seat that appears spacious enough to accommodate two adults easily. The electric scooter also gets a 12-inch wheel on the front and a 10-inch wheel on the back. The company has not revealed anything. But we can assume the features it should be equipped with in order to compete with the existing scooters. These features include digital instrument cluster, Bluetooth connectivity, long battery range, driving modes, and many other which might be beneficial for the potential buyer.
Some numbers to crunch from Hero’s financial report
Riding on a volume of 14.38 lakh units sold during the quarter, the company’s Revenue from Operations for the quarter stood at Rs.8,453 Crore showing a growth of 50.1% over Q1 FY22. Earnings Before Interest, Tax, Depreciation, & Amortization or EBIDTA margin for the second quarter was at 12.6% and Net profit for the quarter was Rs.794 Crore. Consolidated Revenue for Q2 FY 22 stood at Rs. 8,539 Crore and Net Profit at Rs.748 Crore.