Hero Motocorp (HMCL) has reported volume decline of 10%/16% YoY/MoM at ~437k units in Jun’23. Motorcycle sales volumes decreased 12%/17% YoY/MoM to ~404k units vs scooters, which increased 39%/8% YoY/MoM to ~33k units. Late festive season this year resulted in the company tightening inventory further from 40 days we believe, and should start pushing wholesales from Aug’23 onwards.