ICICI Securities: Hero MotoCorp Q2 Review - Solid Demand Recovery Expectations Priced In
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ICICI Securities Report
Hero MotoCorp Ltd.’s Q2 FY21 operating numbers were in line with consensus estimates with Ebitda margin at 13.7% (down 81 basis points YoY).
Topline grew approximately 24% (tad below consensus) to approximately Rs 94 billion as average selling prices dropped 1.9% QoQ to 51,600 per unit.
The company witnessed demand recovery on the back of improving rural sentiment aided by strong monsoon and the same could sustain in the ongoing festive season.
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