Dolat Capital: Hero MotoCorp Hinges On Rural Recovery
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Dolat Capital Report
Hero MotoCorp Ltd. Q2 FY21 numbers were broadly in line estimates. Ebitda increased by 17% YoY to Rs12.8 billion with margin at 13.7% (down 81 basis points YoY).
Increase in raw material prices was offset by cost control measures and better operating leverage.
The management sounded positive on domestic sales outlook with demand back to pre Covid-19 level, expecting momentum to continue into the festive season.
Rural demand continues to be strong while semi and urban demand is catching up well.
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