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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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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