Hero Honda: Rising to a new 'Dawn' - Views on News from Equitymaster

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Hero Honda: Rising to a new 'Dawn'

Jan 14, 2004

Hero Honda has announced improved results for the quarter and nine-months ending December 2003. For the quarter, the company has reported 15% and 33% YoY growth in its topline and bottomline respectively. The performance for 9mFY04 has been good as well with the revenues and profits rising by 7% and 20% respectively, on a YoY basis. While the company has managed to improve its operating margins for the quarter by 40 basis points, margins for the nine-month period have been more or less flat.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Sales 13,760 15,814 14.9% 38,863 41,522 6.8%
Other Income 218 445 104.2% 601 1,208 101.1%
Expenditure 11,480 13,118 14.3% 32,421 34,584 6.7%
Operating Profit (EBDIT) 2,281 2,696 18.2% 6,442 6,938 7.7%
Operating Profit Margin (%) 16.6% 17.0%   16.6% 16.7%  
Interest (net) 1 (2) - (12) (12) -
Depreciation 144 194 35.0% 416 544 30.7%
Profit before Tax 2,354 2,948 25.3% 6,638 7,614 14.7%
Tax 826 922 11.6% 2,320 2,444 5.3%
Profit after Tax/(Loss) 1,528 2,027 32.6% 4,318 5,170 19.7%
Net profit margin (%) 11.1% 12.8%   11.1% 12.5%  
No. of Shares (m) 199.7 199.7   199.7 199.7  
Diluted Earnings per share (Rs)* 30.6 40.6   28.8 34.5  
P/E Ratio (x)   11.9     14.0  
(*annualised)            

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