Hero MotoCorp Q3 Results Review - Expects Strong Double-Digit Growth In FY25: Nirmal Bang

Hero MotoCorp has declared an interim dividend of Rs 100/share, of which Rs 75 is normal and Rs 25 is a special dividend.

<div class="paragraphs"><p>Hero Motocorp Ltd.'s manufacturing facility. (Source: Company website)</p></div>
Hero Motocorp Ltd.'s manufacturing facility. (Source: Company website)

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Nirmal Bang Report

Hero MotoCorp Ltd.'s performance was in line with expectations, with revenue coming in 0.9% lower with estimate, Ebitda margin 10 basis points higher than estimate and adjusted profit after tax 1% higher than estimate.

Urban demand continues to be strong and rural demand too is showing signs of recovery. After a sluggish post festive phase, it has now seen strong demand uptick post mid-January. Overall growth has been led by the Premium segment.

We maintain 'Buy' on Hero MotoCorp with a target price of Rs 5,720, valuing it at ~20 times December 25E earning per share.

Click on the attachment to read the full report:

Nirmal Bang Hero Motocorp Q3 FY24 Result Review.pdf
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