ICICI Direct: Hero MotoCorp - An Outsized Beneficiary Of Post Covid-19  World  
A worker attaches a side fairing panel to a Hero Ignitor motorcycle on the assembly line of the Hero MotorCorp Ltd. manufacturing facility in Gurgaon, India. (Photograph: Prashanth Vishwanathan/Bloomberg)

ICICI Direct: Hero MotoCorp - An Outsized Beneficiary Of Post Covid-19 World  

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Hero MotoCorp Ltd. reported strong Q1 FY21 results. Total two-wheeler sales volume for the quarter came in at 5.6 lakh units, down 69.4% YoY.

Consequent net sales were at Rs 2,972 crore, down 63% YoY, tracking approximately 12.8% sequential rise in blended average selling prices to Rs 52,741 per unit.

Ebitda in Q1 FY21 was at Rs 108 crore, down 90.7% YoY with corresponding Ebitda margins at 3.6%.

Margin performance was encouraging considering mere 25% capacity utilisation during the quarter. Hero Motocorp said that ex-fixed costs incurred during lockdown, margins were at 12% levels. Consequent profit after tax came in at Rs 61.3 crore for the quarter.

Click on the attachment to read the full report:

ICICI Direct HeroMotoCorp Q1FY21 Result Update.pdf

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