Indian automotive major, Hero MotoCorp is aiming to increase its export turnover from the fast growing markets in African and Latin American markets in the medium term.

The largest company in the domestic two-wheeler market has seen a slowdown in rural demand is thus aiming to fill the gap by improving exports to other markets mainly in Africa and South America. The total export turnover for the company accounted for just 2.3 per cent of its financial year net sales.

As its efforts to address the gaps in strategies after splitting from Japan-based Honda, the company has strengthened its own brand identity and R&D capability in the country. HERO recently entered into a partnership with US-based Erik Buell Racing for designing contemporary motorcycles.

The company sold 6.2 million vehicles till the end of financial year 2012, recording a compounded annual growth rate of 18.8 per cent compared to three years ago period. The company enjoyed a market share of 56 per cent in the Indian market at the end of March 2012.

Hero MotoCorp's adjusted operating profit margin was at 12% in the fourth quarter of FY12, while net sales grew 11.9% during the quarter.