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- Nov 14, 2017 - Hero Motocorp Ltd: Strong Festive Demand Drives Growth!
Hero Motocorp Ltd: Strong Festive Demand Drives Growth!
Hero Motocorp ltd has announced its financial results for the second quarter of the financial year 2017-18 (2QFY18). During the quarter, revenues were up by 7% YoY and net profits were up by 1%.
Performance summary
- For 2QFY18, net sales were up by 7% YoY. The volumes for the quarter increased by 11% YoY. The growth was driven by strong recovery in festive season. The management indicated that the demand came both from rural and urban regions.
- Management indicated a sharp revival in the demand in both scooters and motorcycles segment. In fact, Hero gained market share during the quarter and expects the same to continue in the coming quarter.
- Operating profits for the quarter were up by 6% YoY with margins contracting by 20 bps to 17.4%. The margins came in as a surprise as the increase in raw material prices were expected to put pressure on the margin. The margin came in strong on the back of LEAP program by the company.
- Net profits increased by 1% YoY with margins contracting by 80 bps to 12.1%.
Standalone Financial Performance Snapshot (Rs m) 2QFY17 2QFY18 Change No. of two wheelers sold 1,823,498 2,022,805 11% Net sales 77,963 83,620 7% Expenditure 64,274 69,063 7% Operating profit (EBDITA) 13,689 14,557 6% EBDITA margin (%) 17.6% 17.4% Other income 1,524 1,176 -23% Depreciation 1,193 1,360 14% Interest 16 16 1% Profit before tax 14,004 14,357 3% Tax 3,962 4,252 7% Profit after tax / (loss) 10,042 10,105 1% Net profit margin (%) 12.9% 12.1% No. of shares (m) 199.7 Diluted earnings per share (Rs)* 171.0 Price to earnings ratio (x)* 21.3 *trailing twelve-month earnings
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