Company: Hero MotoCorp Ltd. Category: IPO Notes


Regulatory actions (demonetization, emission norm changes and pre-GST destocking) had materially influenced auto volumes since 3QFY17. However, given the waning regulatory impact, the automobile sector has witnessed gradual volume growth August onward. This was partly led by pre-festive inventory filling and positive rural sentiment in key markets.
Oct. 12, 2017, 4:20 p.m.

The last Samvat was one of the most eventful years for the economy as well as the equity markets because of two major unprecedented events namely Demonetisation and Introduction of Goods and Services Tax (GST).
Oct. 11, 2017, 4:01 p.m.

With pick-up in rural income on the back of normal monsoon, higher government spending on rural schemes & normalization of cash supply in rural areas, 2W demand expects to steadily improve in the next few quarters.
Oct. 11, 2017, 3:30 p.m.

Hero MotoCorp: Result Update - Angel Broking
Aug. 24, 2017, 12:16 p.m.


Hero Motocorp’s (HMCL) Q1FY18 number to a great extent, meet the consensus estimates. Net sales were at Rs7,972cr, up 7.7% yoy. EBITDA was at Rs1,296cr up 5.4% yoy and PAT was at Rs914cr, up 3.5% yoy. Consensus estimates of revenue, EBITDA and PAT were Rs8,053cr, Rs1,280cr and Rs912cr. HMCL’s performance looks better than quarterly perfor..
Aug. 23, 2017, 6:46 p.m.

Total net revenues in the quarter went up by 7.7% yoy while growing at 15.3% qoq as volumes were up by 6.4% yoy in the best ever quarter as far as volumes are concerned. Realizations grew more than 1-2% on price hikes taken post BS IV implementation and to somewhat offset the RM price hike. RM costs to sales came in at 67.7% as against 67.1% yoy and 68.5% qoq as the impact of rising RM prices was offset by tight cost control and price hikes taken in May.
Aug. 23, 2017, 5:59 p.m.
Publisher: lkpsec.com

Hero Motocorp Ltd: Company Report - Angel Broking
Aug. 22, 2017, 4:49 p.m.

During Q1FY18, Hero MotoCorp’s (HMCL) performance was on expected lines. Revenue growth was 7.7% YoY to Rs79.7bn (PLe: Rs79.2bn), while EBITDA grew 5.4% YoY to Rs12.96bn (in line with expectations); EBITDA margin was at 16.3%, lower 30bps YoY, but up 240bps QoQ (PLe: 16.1%). Gross margins were lower 60bps YoY (up 80bps QoQ) to ~32%. Staff costs to sales ratio was higher 30bps YoY, while OE / sales ratio was lower 30bps YoY. With slightly higher tax rate, net profit for the company grew 3.5% YoY to Rs9.14bn (PLe: Rs9.2bn).
Aug. 22, 2017, 1:53 p.m.

Hero MotoCorp: Company Research Report - Nirmal Bang
Aug. 22, 2017, 1:35 p.m.
Author : Nirmal Bang | Publisher: nirmalbang.com

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