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IDBI Capital Report
Hero MotoCorp Ltd.'s Q4 FY22 results were below our expectations on all counts due to lower sales and operating profits. Going forward, the management remains positive on volume growth front due to -
rural economy pick up,
opening up of all the sectors of economy in urban and semi urban areas and
under-penetration of two-wheeler's in India.
Hero MotoCorp plans to launch its first electric vehicle product in July 2022 and has lined up investments and new product launches over next few years.
To factor in changing business environment and commodity price inflation, we have revised our volume and profit after tax estimates downwards by 15.8%/14.8% and 16.9%/15.2% for FY23 and FY24 respectively.
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