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Hero Honda: 'Splendor' in doubt?

Jan 10, 2003

The third quarter performance of Hero Honda, the market leader in the motorcycle segment, reflects the impact of increased competition in the segment. The company is losing out due to lack of competitive models. However, operating margins have shown a healthy growth on the back of continuation of benefits from lower raw material costs.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Sales 12,195 13,760 12.8% 32,099 38,863 21.1%
Other Income 257 218 -15.3% 457 601 31.4%
Expenditure 10,294 11,480 11.5% 27,404 32,421 18.3%
Operating Profit (EBDIT) 1,901 2,281 20.0% 4,695 6,442 37.2%
Operating Profit Margin (%) 15.6% 16.6%   14.6% 16.6%  
Interest 4 1 -75.0% 12 14 14.0%
Depreciation 128 144 12.6% 380 416 9.7%
Profit before Tax 2,027 2,354 16.1% 4,761 6,613 38.9%
Tax 694 826 18.9% 1,657 2,320 40.0%
Profit after Tax/(Loss) 1,332 1,528 14.7% 3,104 4,292 38.3%
Net profit margin (%) 10.9% 11.1%   9.7% 11.0%  
No. of Shares (m) 199.7 199.7   199.7 199.7  
Diluted Earnings per share* 26.7 30.6   20.7 28.7  
P/E Ratio (x)         8.7  
(*annualised)            

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