HERO MOTOCORP Announces Quarterly Results (4QFY19); Net Profit Down 24.5%

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HERO MOTOCORP Announces Quarterly Results (4QFY19); Net Profit Down 24.5%
Tue, 30 Apr

HERO MOTOCORP has announced its results for the quarter ended March 2019. Here is a detailed performance review of the same:

HERO MOTOCORP Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m85,64078,64878,8500.3%-7.9%
Other incomeRs m1,6651,8761,642-12.5%-1.4%
TurnoverRs m87,30580,52580,4920.0%-7.8%
ExpensesRs m71,93567,60168,1560.8%-5.3%
Gross profitRs m13,70611,04810,693-3.2%-22.0%
DepreciationRs m1,4831,5181,502-1.1%1.3%
InterestRs m1522221.4%42.2%
Profit before taxRs m13,87211,38410,811-5.0%-22.1%
TaxRs m4,1983,6933,508-5.0%-16.4%
Profit after taxRs m9,6747,6917,303-5.0%-24.5%
Gross profit margin%16.014.013.6
Effective tax rate%30.332.432.4
Net profit margin%11.19.69.1
* 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 fell 7.9% on a year-on-year (YoY) basis. The expenses were down by 5.3% YoY during the same period.
  • The company's operating profit declined by 22.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.6% in 4QFY19 as against 16.0% in 4QFY18.
  • Depreciation charges increased by 1.3% and finance costs increased by 42.2% YoY, respectively.
  • Other income declined by 1.4% YoY during the quarter.
  • Net profit for the quarter declined by 24.5% YoY. Net profit margins during the quarter declined from 11.1% in 4QFY18 to 9.1% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 0.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 0.8% QoQ during the same period.
  • The company's operating profit declined by 3.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.6% in 4QFY19 as against 14.0% in 3QFY18.
  • Net profit for the quarter declined by 5.0% QoQ, while net profit margins declined from 9.6% in 3QFY18 to 9.1% in 4QFY19.

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 3,733.7 to Rs 2,549.3, registering a Loss of Rs 1,184.5 or around 31.7%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 18,854.2 (down 1.6%). Over the last one year it has moved down from 25,833.8 to 18,854.2, a gain of 6,980 points (down 27.0%).

Overall, the S&P BSE SENSEX is up 11.8% over the year.

Current Valuations

At the current price of Rs 2,549.3, 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 4.3 times.

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