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ICICI Securities Report
Hero MotoCorp Ltd.'s Q3 FY21 operating numbers beat consensus estimates with Ebitda margin at 14.5% (down 39 basis points YoY).
Topline grew approximately 40% (marginally above consensus) to ~Rs 98 billion as average selling price rose ~17% YoY to ~Rs 53,000 per unit.
The company witnessed improvement in demand during the festive season on the back of improving rural sentiment, however, a steep increase in commodity costs is likely to keep margins in check.
Though we continue to prefer rural-facing companies; however, as more states are reopening public transportation / educational institutions, we expect scooters to witness the release of pent-up demand.
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