Company: Hero MotoCorp Ltd. Category: IPO Notes

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.
April 30, 2019, 11:16 a.m.

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.
April 30, 2019, 11:11 a.m.

Hero Motors, one of the largest player in the Industry in the two-wheeler industry (38% market share as on FY2018); has been facing strong headwinds after its breakup with Honda.
March 27, 2019, 11:48 a.m.

Hero MotoCorp’s (HMCL) Q3FY19 operating performance missed estimates, with EBITDA margins at 14% (vs PLe of 14.6%) down 179bps YoY/ 112bps QoQ.
Jan. 31, 2019, 11:57 a.m.

Hero MotoCorp (HMCL) has delivered broadly in line performance in 3QFY19 with its operating margin coming in at 14%, marginally missing our estimate of 14.3%.
Jan. 31, 2019, 11:51 a.m.

Hero MotoCorp (HMCL) has been delivering a subdued performance on volume front since past few months. Industry’s competitive intensity has been rising steadily since the beginning of FY19.
Dec. 13, 2018, 11:47 a.m.

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.
Oct. 17, 2018, 11:04 a.m.

Hero MotoCorp’s (HMCL) Q2FY19 operating margins stood at 15.2%, lower 220bps YoY and 40bps QoQ (marginally missing PLe of 15.4%), owing to gross margin decline of 110bps YoY.
Oct. 16, 2018, 11:30 a.m.

Hero MotoCorp (HMCL) has delivered a subdued performance in 1QFY19 with its revenue rising by 10% YoY to Rs88bn.
July 26, 2018, 2:07 p.m.

Hero MotoCorp’s (HMCL) Q1FY19 operating margins stood at 15.6%, lower 70bps YoY and 40bps QoQ, marginally missing our expectations of 15.8%.
July 26, 2018, 1:59 p.m.