Hero MotoCorp Q3 Results Review -Products Lineup In Place; Market Share Gains Impending: Axis Securities

Axis Securities Report

Hero MotoCorp Ltd.’s revenue/Ebitda stood largely in line with our estimates, while profit after tax stood ahead by 7%, led by higher-than-expected other income. Revenue grew by 4%/8% YoY/QoQ to Rs 9,445 crore, largely in line with our estimate.

Ebitda grew by 28%/10% YoY/QoQ (inline) to Rs 1,328 crore, while Ebitda margins reached the 14% mark, up 262/30 bps YoY/QoQ, led by lower raw material costs (gross margins at 31%, up 337 bps YoY), price hikes and better sales mix.

Profit after tax grew by 47%/28% YoY/QoQ, a 7% beat against our estimate, which was mainly led by higher other income.

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