NDTV Profit'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 NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities Report
Hero MotoCorp Ltd.'s Q1 FY25 results were weak with Ebitda miss of ~10%/5% to our/street estimates with Ebitda margins expanded 60 basis points YoY (+10bp QoQ) at 14.4%.
This underperformance was led by EV (margin drag of ~200 bp) as underlying ICE margins were healthy at 16.4% (versus 15.6% in Q4 FY24 and 14.5% in Q1 FY24), supported by operating leverage, favorable mix, cost savings.
~3.4 QoQ decline in average selling price was a weak piece led by seasonal decline in spares contribution at 12.5% of sales (versus 14.7% in Q4 FY24).
The management indicated signs of first-time buyers coming back as reflected in positive rural momentum over past two-three months, is positive.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit 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 NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.