Hero MotoCorp Q4 Review – Margin Surprises Positively; Structural Growth Gears Remain Intact: Axis Securities

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Hero MotorCorp Ltd. performance was better than expected.

The company reported strong quarterly numbers with net revenue of Rs 8,686 crore in Q4 FY21 (reporting a growth of 39% YoY) versus our estimates of Rs 8,578 crores.

The revenue growth was led by 18% YoY volume growth (15.7 lakh units) and an 18.5% YoY increase in net realizations led by richer product mix and price hikes.

Ebitda margin came in at 13.9% versus our estimate of 12.5% led by higher gross margins, robust sales volume during the quarter, and a combination of key strategic initiatives such as cost reduction efforts to partially offset the impact of the commodity costs.

Click on the attachment to read the full report:

Axis Securities Hero Motocorp Q4FY21 Result Update.pdf


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