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Q3FY23 Preview: Hero Motocorp: Revenue seen at Rs 79,716 million, PAT at Rs 6,875 million

6 Feb 2023 , 10:19 AM

Result date: 7th February, 2023

Recommendation: Buy 

Target price: Rs 3,185

Hero Motocorp witnessed decline in sales volumes, both sequentially as well as over the year-ago quarter. Price hikes could offset some of this pressure. Revenue could grow 1.1% over the year-ago quarter even though sequentially it could fall ~12%.

Analysts at IIFL Capital Services expect the company’s EBITDA margin to come in at 11.8%. Sequentially, this metric could witness minor uptick as benefits from lower commodity prices, price hikes offset pressures from negative operating leverage.

The company is likely to post flattish Profit After Tax (PAT) during the quarter.

Important management insights to watch out for:

  • Outlook on demand across markets
  • Pricing action and margin drivers
 

December 2022 estimates

YoY change

QoQ change

Volumes

1,239,693

(4.1)%

(13.2)%

Revenue (Rs mn)

79,716

1.1%

(12.2)%

EBITDA (Rs mn)

9,395

(2.1)%

(9.5)%

EBITDA margin 

11.8%

(39) bps

34 bps

Profit After Tax (Rs mn)

6,875

0.2%

(4.0)%

Source: IIFL Research

 

Related Tags

  • Hero MotoCorp
  • Hero Motocorp Q3
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