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Reliance Securities Report
Hero MotoCorp Ltd. reported decent performance in Q2 FY23 with Ebitda margin of 11.4% (down 117 basis points YoY/up 23 bps QoQ), largely in line with our estimate of 11.5%.
Revenue increased by 7% YoY/8% QoQ to Rs 90.8 billion (4% higher than our estimate of Rs 87.3 billion), on the back of average selling price growth of 8% YoY/4% QoQ to Rs 63,545 despite volume de-growth of 1% YoY (up 5% QoQ) to 14,28,168 units.
Ebitda decreased by 3% YoY (up 10% QoQ) to Rs 10.4 billion (4% above our estimate of Rs 9.9 billion) due to higher-than-expected revenue with better realisations, better product mix and higher contribution from spare revenues.
Hero MotoCorp's profit after tax came in at Rs 7.2 billion (down 10% YoY and up 15% QoQ), 1% above our estimate of Rs 7.1 billion.
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