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ICICI Direct Report
Hero MotoCorp Ltd. reported strong Q1 FY21 results. Total two-wheeler sales volume for the quarter came in at 5.6 lakh units, down 69.4% YoY.
Consequent net sales were at Rs 2,972 crore, down 63% YoY, tracking approximately 12.8% sequential rise in blended average selling prices to Rs 52,741 per unit.
Ebitda in Q1 FY21 was at Rs 108 crore, down 90.7% YoY with corresponding Ebitda margins at 3.6%.
Margin performance was encouraging considering mere 25% capacity utilisation during the quarter. Hero Motocorp said that ex-fixed costs incurred during lockdown, margins were at 12% levels. Consequent profit after tax came in at Rs 61.3 crore for the quarter.
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