RATING: ADD
HERO MOTOCORP'S (HMCL) exceeded expectations in Q1FY24, with EBITDAM up 250bps y-o-y/ 70bps q-o-q at 13.8%, beating the consensus of 13.2%. Lower commodity costs, price hikes, and cost-saving measures led to ICE business margins returning to FY19 levels of 14.5%. Despite the growing EV market, HMCL aims to maintain strong margins of 14-16%, focusing on growth and market share. Anticipated retail recovery is supported by a new product pipeline (EVS, Karizma, Harley models, executive-level models), a robust rural demand base, and reduced TCO inflation, especially with the upcoming festive season. Maintain ADD with a DCF-based TP of ₹3,431.
Key takeaways
この記事は Financial Express Mumbai の August 15, 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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この記事は Financial Express Mumbai の August 15, 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
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