Hero MotoCorp gets ‘buy’ tag from Citi, Jefferies with 26% upside after strong Q3 profit

The country’s largest two-wheeler maker’s revenue from operations during the quarter stood at Rs 8,031 crore, as compared to Rs 7,883 crore during Q3 FY22, witnessing an uptick of 1.8 percent.

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Shares of Hero MotoCorp traded lower by almost 2 percent in the morning session on February 8, a day after the company declared its December quarter earnings.

Hero MotoCorp on February 7 reported a standalone net profit of Rs 711 crore for quarter ended December 2022, posting a 3.6 percent increase over Rs 686 crore a year ago.

The country’s largest two-wheeler maker’s revenue from operations during the quarter stood at Rs 8,031 crore, as compared to Rs 7,883 crore during Q3 FY22, witnessing an uptick of 1.8 percent.

According to a poll of brokerages conducted by Moneycontrol, standalone revenue from operations for Q3 was expected to come in at Rs 8,033 crore, up 2 percent on-year. Standalone profit after tax (PAT) was seen at Rs 667 crore, down by 3 percent over last year.