Hero MotoCorp Q4 Review - Attractive Valuation; Risk Reward Favorable: Reliance Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Reliance Securities Report.Hero MotoCorp Ltd. reported subdued performance in Q4 FY22 with lower Ebitda margin of 11.2% as against our estimate of 12.5%. Revenue decreased by 15% YoY/6% QoQ to Rs 74.2 billion (in-line with our estimate of Rs 74.1 billion), on the back of a volume de-growth of 24%YoY/8%QoQ and a 13% YoY improvement in average realisation due to price hikes and higher non-vehicular sales. Its Ebitda margin contracted by 279 basis points YoY to 11.2% while Ebitda decreased by 32% YoY to Rs 8.3 billion (10.5% below our estimate of Rs 9.2 billion) due to higher other expenses. Hero MotoCorp’s profit after tax came in at Rs 6.3 billion, 6% below our estimate of Rs 6.7 billion due to lower operating margins, while lower tax rate (tax credit of Rs 375 million) boosted its profit after tax. .Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Hero MotoCorp Q4 Review - Attractive Valuation; Risk Reward Favorable: Reliance Securities

Hero MotoCorp Q4 Review - Attractive Valuation; Risk Reward Favorable: Reliance Securities

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