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Systematix Research Report
Hero MotoCorp Ltd.'s Q2 FY23 operating performance was in line with our estimate driven by expansion in gross margin offset by higher other expenses (especially on marketing expenses).
In its earnings call, management highlighted festive retail sales (32-day period) saw a 20% increase YoY (95% of pre-Covid level) with an uptick in consumer sentiment.
Hero MotoCorp plans to have multiple launches in the premium category to build on the success of the XTec category.
With normal monsoon and strong summer crops, rural demand is also sign of stabalisation.
The company has marked its entry in the electric vehicle segment with the launch of Vida V1 (premium end of the electric-two-wheeler market) with deliveries to commence from Q3.
Commodity costs have cooled off with some benefits flowing in Q2 and further to accrue in H2 FY23.
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