HERO MOTOCORP Announces Quarterly Results (2QFY19); Net Profit Down 3.4%

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HERO MOTOCORP Announces Quarterly Results (2QFY19); Net Profit Down 3.4%
Fri, 19 Oct

HERO MOTOCORP has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

HERO MOTOCORP Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m83,62088,09890,9093.2%8.7%
Other incomeRs m1,1761,1572,23793.3%90.2%
TurnoverRs m84,79689,25693,1464.4%9.8%
ExpensesRs m69,06374,32577,1223.8%11.7%
Gross profitRs m14,55713,77313,7870.1%-5.3%
DepreciationRs m1,3601,4821,5182.4%11.6%
InterestRs m1621211.4%37.2%
Profit before taxRs m14,35713,42714,4857.9%0.9%
TaxRs m4,2524,3364,7228.9%11.0%
Profit after taxRs m10,1059,0929,7637.4%-3.4%
Gross profit margin%17.415.615.2
Effective tax rate%29.632.332.6
Net profit margin%11.910.210.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 8.7% on a year-on-year (YoY) basis. The expenses were up by 11.7% YoY during the same period.
  • The company's operating profit declined by 5.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.2% in 2QFY19 as against 17.4% in 2QFY18.
  • Depreciation charges and finance costs increased by 11.6% YoY and 37.2% YoY, respectively.
  • Other income increased by 90.2% YoY during the quarter.
  • Net profit for the quarter declined by 3.4% YoY. Net profit margins during the quarter declined from 11.9% in 2QFY18 to 10.5% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 3.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 3.8% QoQ during the same period.
  • The company's operating profit declined by 0.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.2% in 2QFY19 as against 15.6% in 1QFY18.
  • Net profit for the quarter increased by 7.4% QoQ, while net profit margins increased from 10.2% in 1QFY18 to 10.5% in 2QFY19.

To see how HERO MOTOCORP has performed over the last eight quarters, please visit here.

HERO MOTOCORP Share Price Performance

Over the last one year, HERO MOTOCORP share price has moved up from Rs 3,738.2 to Rs 2,741.7, registering a Loss of Rs 996.5 or around 26.7%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 19,658.9 (down 1.0%). Over the last one year it has moved down from 24,826.0 to 19,658.9, a loss of 5,167 points (down 20.8%).

Overall, the S&P BSE SENSEX is up 5.6% over the year.

Current Valuations

At the current price of Rs 2,741.7, the price to earnings (P/E) ratio of HERO MOTOCORP stands at 15.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.6 times.

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