While Hero MotoCorp’s (HMCL) Q4FY19 revenue was slightly ahead of our estimates at Rs78.9bn (PLe: Rs75.5bn), its operating performance was broadly in-line, with EBITDA margins at 13.6% (v/s PLe of 13.7%), down 240bps YoY/ 40bps QoQ.
During Q4FY19, HMCL’s sales declined by 7.9% YoY to Rs78.9bn (our Estimates Rs77.4bn). Its EBITDA margins contracted by 244bps YoY to 13.6% (Our estimates 13.9%). PAT declined by 24.5% YoY to Rs7.3bn which was 4.9% below our estimates.
Hero MotoCorp (HML) reported 2QFY19 results which were in line with expectations as sales and margins came broadly in line while PAT at Rs9.8bn was 5% above our estimate because of higher other income.
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