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HERO MOTOCORP Announces Quarterly Results (3QFY19); Net Profit Down 4.5%

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HERO MOTOCORP Announces Quarterly Results (3QFY19); Net Profit Down 4.5%
Fri, 1 Feb

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

HERO MOTOCORP Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m73,05590,90978,648-13.5%7.7%
Other incomeRs m1,1002,2371,876-16.1%70.6%
TurnoverRs m74,15593,14680,525-13.6%8.6%
ExpensesRs m61,47577,12267,601-12.3%10.0%
Gross profitRs m11,58013,78711,048-19.9%-4.6%
DepreciationRs m1,3831,5181,5180.0%9.8%
InterestRs m1621220.9%37.6%
Profit before taxRs m11,28214,48511,384-21.4%0.9%
TaxRs m3,2274,7223,693-21.8%14.4%
Profit after taxRs m8,0549,7637,691-21.2%-4.5%
Gross profit margin%15.915.214.0
Effective tax rate%28.632.632.4
Net profit margin%10.910.59.6
* 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 7.7% on a year-on-year (YoY) basis. The expenses were up by 10.0% YoY during the same period.
  • The company's operating profit declined by 4.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 14.0% in 3QFY19 as against 15.9% in 3QFY18.
  • Depreciation charges increased by 9.8% and finance costs increased by 37.6% YoY, respectively.
  • Other income increased by 70.6% YoY during the quarter.
  • Net profit for the quarter declined by 4.5% YoY. Net profit margins during the quarter declined from 10.9% in 3QFY18 to 9.6% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 13.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 12.3% QoQ during the same period.
  • The company's operating profit declined by 19.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 14.0% in 3QFY19 as against 15.2% in 2QFY18.
  • Net profit for the quarter declined by 21.2% QoQ, while net profit margins declined from 10.5% in 2QFY18 to 9.6% in 3QFY19.

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 3,734.4 to Rs 2,801.9, registering a Loss of Rs 932.5 or around 25.0%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 19,005.6 (up 2.8%). Over the last one year it has moved down from 26,119.5 to 19,005.6, a gain of 7,114 points (down 27.2%).

Overall, the S&P BSE SENSEX is up 1.2% over the year.

Current Valuations

At the current price of Rs 2,801.9, the price to earnings (P/E) ratio of HERO MOTOCORP stands at 15.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.7 times.

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For the quarter ended March 2019, HERO MOTOCORP has posted a net profit of Rs 7 bn (down 24.5% YoY). Sales on the other hand came in at Rs 79 bn (down 7.9% YoY). Read on for a complete analysis of HERO MOTOCORP's quarterly results.

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