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ICICI Securities Report
Hero MotoCorp Ltd.'s Q1 FY22 operating numbers missed consensus estimates as margins came in at 9.4% (down 449 basis points QoQ).
Topline declined ~37% QoQ (below consensus) to ~Rs 54.9 billion as average selling price fell ~3.2% to ~Rs 54,800/unit (potentially due to mix).
Input cost pressures have finally caught up with gross margins (down 204 bps QoQ), as costs continue to rise, gross margin trajectory over H2 FY22 would be a key monitorable.
Hero MotoCorp is witnessing demand pressures in entry-level segment due to weak consumer sentiment; rising vehicle prices are likely to further hurt affordability.
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