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Hero Honda net up 60% - Views on News from Equitymaster
 
 
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  • Jul 17, 2000

    Hero Honda net up 60%

    The company's sales grew by 57% in the 1QFY01, this was driven by a 48% growth in motorcycle volumes at 239,542 units (corresponding period previous year 161,466 units). The company continues to be a market leader in this segment, its market share for FY2000 was 42%.

    The company has increased its market leadership to 48% for the 1QFY01. The motorcycle sales continue to be buoyant and volumes grew by 34% YoY for the 1QFY01, however the scooter market continued to decline. As a percentage of the total two wheeler market motorcycles accounted for 54% for the first quarter.

    Though operating margins have dipped from 13.4% in FY00 to 13.0% in FY01, this is attributed to higher competition in the sector with the aggressive entry of Bajaj Auto in this segment. On the whole the net profit grew by 59.4%, on the back of higher sales, improvement in market share and lower interest costs.

    (Rs m) 1QFY00 1QFY01 Change
    Sales 4,631 7,283 57.3%
    Other income 48 77 59.2%
    Expenditure 4,009 6,339 58.1%
    Operating profit (EBDIT) 622 944 51.7%
    Operating profit margin (%) 13.4% 13.0%  
    Interest 17 8 -54.3%
    Depreciation 77 95 23.6%
    Profit before Tax 576 918 59.3%
    Other adjustments - -  
    Tax 198 315 59.1%
    Profit after Tax/(Loss) 378 603 59.4%
    Net profit margin (%) 8.2% 8.3%  
    No. of Shares (eoy) (m) 39.9 39.9  
    Diluted number of shares 39.9 39.9  
    Diluted Earnings per share* 37.9 60.4  
    *(annualised)      

    On the current price of Rs 1,099 Hero Honda is trading at 22.8x FY2000 earnings

     

     

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