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Motilal Oswal Report
Hero MotoCorp Ltd.'s operating performance was affected due to higher other expenses (non-recurring), diluted by stable raw material costs and price hikes.
Revenue/Ebitda/profit after tax fell 15%/32%/27.5% YoY to Rs 74.2 billion/Rs 8.3 billion/Rs 6.3 billion in Q4 FY22. The same in FY22 declined by 5%/16%/17% YoY.
Volumes declined by 24% YoY (8% QoQ). Realisations improved by 13% YoY (2% QoQ) to Rs 62,400 (estimate: Rs 63,900), led by price hikes, better mix, and higher share of spare sales.
Initial green shoots in domestic demand may be seen in the marriage season (April-June 2022) and during mini-festivals.
We raise our FY23/FY24 earnings per share estimate by 13%/8% to reflect the price hikes and cost cutting initiatives taken by Hero MotoCorp.
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