"Market demand was expectedly subdued in May, due to the heavy retail off-take that happened in April on account of the marriage season and regional festivals in different parts of the country during that month," the company said in a statement.

The two-wheeler maker said a good monsoon after two consecutive years of sub-normal rains could lead to a change in sentiments in the rural markets, which may lead to a positive turn-around in the industry in the second half of this fiscal.

The company in May forayed into the world of motorcycle rally racing, through a strategic alliance with Speed brain GmbH, the German off-road racing specialist.

The newly formed 'Hero MotoSports Team Rally' made its debut at the Merzouga Rally, a Dakar series race that recently concluded in Morocco.

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