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Yes Securities Report
Hero MotoCorp Ltd.'s Q4 FY22 Ebitda missed our/street estimates by 5‐7% to Rs 8.3 billion leading to margins miss at 11.2% (estimate: 11.8%, down 100 basis points QoQ).
However, Hero MotoCorp's gross margins delivery continues to surprise positively with gross margins expanding ~170 basis points QoQ to 30.7% (estimate: 29.2%).
This was led by cost savings through Leap (~300 bps) and price hikes. While this is commendable, lag impact of Q4 FY22 raw material inflation coupled with limited ability to take price hike considering current demand situation should keep margins under pressure in coming quarters.
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