HMC set to cross Rs 1k crore in revenue

Riding on strong global demand for bicycles, e-bikes, and automotive components, HMC Group is set to cross Rs 1,000-crore in exports and international revenue by FY22, an increase of 92 per cent over FY 21.

It has set a target for trebling this figure by FY 24, banking on high growth in European and American markets, said a press release.

The projections come at a time when the HMC Group marks its 65th Founder’s Day. Gathering virtually, the Hero ‘family’ paid rich tributes to its visionary founder Mr OP Munjal, who revolutionised mobility for the masses in the post-Independence India.

“From starting in 1956 with a loan of Rs. 50,000 and producing 25 cycles a day to achieving the feat of the world’s largest integrated bicycle manufacturer with an asset base of $1.2 billion, the journey of Hero Cycles has been that of love, passion, grit, and above all, a deep connection to our roots,” said Mr. Pankaj M Munjal, Chairman and Managing Director, HMC, a Hero Motors Company.

He said with the first batch of ‘made in India’ HNF e-bikes to European market and the launch of Hero E Cycle Valley, the company is looking forward to robust global expansion. “We are confident of crossing Rs 1,000 crore of exports and international revenue and meeting another ambitious target of Rs 3,000 crore by FY24,” he added.