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Hero Honda: Second half revival

Apr 12, 2004

Hero Honda, the country's largest two-wheeler manufacturer, has reported robust 4QFY04 results. Riding on the back of a strong 50% YoY jump in sales volumes during the quarter, the topline of the company has grown by 38%, whereas the bottomline has shown a YoY improvement of 42% during the same period. A 35% spurt in other income has also helped the company post a strong bottomline growth.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
No. of units sold (Nos) 396,193 592,718 49.6% 1,677,535 2,070,147 23.4%
Sales 12,154 16,802 38.2% 51,017 58,324 14.3%
Other Income 328 442 34.8% 929 1,650 77.7%
Expenditure 10,096 13,946 38.1% 42,477 48,530 14.3%
Operating Profit (EBDIT) 2,058 2,856 38.8% 8,541 9,794 14.7%
Operating Profit Margin (%) 16.9% 17.0%   16.7% 16.8%  
Interest (net) 2 (1) -187.5% (10) (14) 32.4%
Depreciation 177 189 7.0% 634 733 15.7%
Profit before Tax 2,207 3,110 40.9% 8,846 10,725 21.2%
Tax 718 997 39.0% 3,038 3,441 13.3%
Profit after Tax/(Loss) 1,490 2,113 41.9% 5,808 7,283 25.4%
Net profit margin (%) 12.3% 12.6%   11.4% 12.5%  
No. of Shares (m) 199.7 199.7   199.7 199.7  
Diluted Earnings per share (Rs)* 29.8 42.3   29.1 36.5  
P/E Ratio (x)   11.9     13.8  
(*annualised)            

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