ECONOMY

Hero MotoCorp Q4 Review – Resilient Margins; Inexpensive Valuations: ICICI Direct

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Hero MotoCorp Ltd. reported a robust Q4 FY21 performance. Total two-wheeler sales volume was at 15.68 lakh units, up 18% YoY, down 15% QoQ.

Consequent net sales in Q4 FY21 came in at Rs 8,686 crore, up 39.2% YoY but down 11.1% QoQ with blended average selling prices at ~Rs 55,395/unit (up 4.6% QoQ).

Ebitda margins were down 50 basis points QoQ at 13.9%, with gross margins expanding 10 basis points QoQ despite a spike in input costs over the past few months.

The company declared a final dividend of Rs 25/share for FY21 along with a special dividend of Rs 10/share. Hence, total dividend was at Rs 105/share for FY21.

Click on the attachment to read the full report:

ICICI Direct HeroMotoCorp Q4FY21 Result Update.pdf

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