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Nirmal Bang Report
Hero MotoCorp Ltd.'s performance was in line with expectations, with revenue coming in 0.9% lower with estimate, Ebitda margin 10 basis points higher than estimate and adjusted profit after tax 1% higher than estimate.
Urban demand continues to be strong and rural demand too is showing signs of recovery. After a sluggish post festive phase, it has now seen strong demand uptick post mid-January. Overall growth has been led by the Premium segment.
We maintain 'Buy' on Hero MotoCorp with a target price of Rs 5,720, valuing it at ~20 times December 25E earning per share.
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