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Yes Securities Report
Hero MotoCorp Ltd.'s Q1 FY25 results were weak with Ebitda miss of ~10%/5% to our/street estimates with Ebitda margins expanded 60 basis points YoY (+10bp QoQ) at 14.4%.
This underperformance was led by EV (margin drag of ~200 bp) as underlying ICE margins were healthy at 16.4% (versus 15.6% in Q4 FY24 and 14.5% in Q1 FY24), supported by operating leverage, favorable mix, cost savings.
~3.4 QoQ decline in average selling price was a weak piece led by seasonal decline in spares contribution at 12.5% of sales (versus 14.7% in Q4 FY24).
The management indicated signs of first-time buyers coming back as reflected in positive rural momentum over past two-three months, is positive.
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