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Q1FY24 Preview: Hero Motocorp: Revenue seen at Rs. 87,992 million, PAT at Rs. 9,083 million

9 Aug 2023 , 10:14 AM

Result date: 10th August, 2023

Recommendation: Add

Target price: Rs. 3,020

Hero Motocorp’s sales volumes were down 3% over the year-ago quarter (weakness in entry-level motorcycle segment demand), but grew 7% sequentially. This, coupled with increase in average selling prices and a richer product mix could drive 4.8% growth in revenue over the year-ago quarter and 5.9% on a sequential basis. 

Analysts at IIFL Securities, though, expect the company’s EBITDA margin to increase both relative to the year-ago quarter as well as sequentially. Key margin tailwinds (sequentially) include favorable operating leverage and seasonal fall in marketing spend.

The company’s Profit After Tax or PAT could grow 45.4% over the year-ago quarter and 5.7% sequentially.

Important management insights to watch out for:

  • Demand trends across key markets
  • Outlook on pricing, input costs and margins

June 2023 estimates

YoY change

QoQ change





Revenue (Rs. mn)




EBITDA (Rs. mn)




EBITDA margin


260 bps

78 bps

Profit After Tax (Rs. mn)




Source: IIFL Research

Related Tags

  • Hero MotoCorp
  • Hero Motocorp Q1
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