Hero MotoCorp shares zoom on strong sales data, Q2 numbers

Its domestic sales were up 26.4 percent at 5,59,766 units, while exports increased by 29 percent at 15,164 units.

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Hero MotoCorp share price gained 1.5 percent in the early trade on November 2 a day after the company posted strong numbers for the quarter ended September 2023.

At 09:16 hrs Hero Motocorp was quoting at Rs 3,141.60, up Rs 49.40, or 1.60 percent on the BSE.

The company has reported 47 percent jump in its Q2FY4 (July-September) net profit at Rs 1,054 crore against profit of Rs 716 crore in the year-ago period.

The company’s profits exceeded analysts’ expectations, which according to five brokerage estimates was anticipated to grow 33 percent year-on-year to Rs 955 crore in Q2FY24, compared to Rs 716 crore in Q2FY23.

The revenue from operations increased 4.1 percent to Rs 9,445.42 crore in the quarter under review as against Rs 9,075 crore in the same period last fiscal.

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Macquarie has given a “neutral” rating for Hero MotoCorp and set a target price of Rs 3,180 per share.

The Q2 gross margin-led modest EBITDA beat, while EBITDA per unit was at a new high.

The company board approved voluntary proposal of promoter & chairman, Mr Pawan Munjal, to reduce chairman’s fixed salary by 20 percent for FY23.

The earnings before interest, depreciation, taxes and amortisation (EBIDTA) or operating margin came in at Rs 1,328.3 crore in the September 2023 quarter, witnessing a jump of 27.9 percent as against Rs 1,038 crore reported in the same period last year. Its operating margin during Q2FY24 improved by 270 basis points, as it went up to 14.1 percent from 11.4 percent in Q2FY23.

The company also posted better sales data for the month of October 2023, as the total sales volume was up 26.5 percent at 5,74,930 units against 4,54,582 units in October 2022.

The company expects the demand to remain optimistic on the back of the recent product launches in the premium segment and ongoing festive season.

Its domestic sales were up 26.4 percent at 5,59,766 units, while exports increased by 29 percent at 15,164 units.

The share touched a 52-week high of Rs 3,275.00 and a 52-week low of Rs 2,246.75 on 19 October, 2023 and 28 March, 2023, respectively.

Currently, the stock is trading 4.07 percent below its 52-week high and 39.83 percent above its 52-week low.

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