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Systematix Research Report
Hero MotoCorp Ltd.’s Q4 FY22 operating performance fell 7% short of consensus and our estimates, with high other expenses more than offsetting the expansion in gross margin.
In its earnings call, management highlighted decent recovery in domestic two-wheeler demand in recent months, supported by improving rural income levels and overall uptick in consumer sentiment.
The company lost 260 basis points market share YoY in FY22, owing to weak rural demand. Electric two-wheeler, which also saw strong adoption, accounted for ~4% of Q4 FY22 sales.
Hero MotoCorp expects to launch multiple e-two-wheelers over the next 12 months to participate in the fast-growing segment.
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