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Axis Securities Report
Hero MotoCorp Ltd.’s reported revenue/Ebitda/profit after tax numbers were weaker than estimates by 4%/7%/6%, respectively, largely due to lower average selling price and spares business.
Revenue grew by ~15.7%/7% YoY/QoQ to Rs 10,144 crore. Ebitda grew by ~21%/7% YoY/QoQ to Rs 1,460 crore, while Ebitda margins reached 14.4%, up 63/11 basis points YoY/QoQ, respectively, led by lower raw material costs and price hikes taken over the year, partly offset by higher other expenses.
Adjusted PAT grew by ~18.8%/10.5% YoY/QoQ, a 6% miss on estimates, largely due to Ebitda being partly offset by higher other income.
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Hero MotoCorp Q1 Results Review – Higher Spends On EV Hurts Margins: Motilal Oswal
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