For the quarter ending March 2022, consolidated net sales (including other operating income) of Hero MotoCorp has declined 13.73% to Rs 7496.55 crore compared to quarter ended March 2021.?
Operating profit margin has declined from 14.12% to 11.42%, leading to 30.22% decline in operating profit to Rs 855.95 crore.??Raw material cost as a % of total sales (net of stock adjustments) decreased from 70.61% to 68.19%. ??Purchase of finished goods cost fell from 0.35% to 0.01%. ??Employee cost increased from 5.58% to 6.75%. ??Other expenses rose from 9.84% to 13.41%. ??
Other income rose 92.53% to Rs 131.44 crore.??PBIDT fell 23.75% to Rs 987.39 crore.??Provision for interest rose 2.85% to Rs 12.97 crore.??Loan funds rose to Rs 605.17 crore as of 31 March 2022 from Rs 584.02 crore as of 31 March 2021.??Inventories declined from Rs 1,789.27 crore as of 31 March 2021 to Rs 1,472.41 crore as of 31 March 2022.??Sundry debtors were lower at Rs 2,158.49 crore as of 31 March 2022 compared to Rs 2,274.68 crore as of 31 March 2021.??Cash and bank balance declined from Rs 396.24 crore as of 31 March 2021 to Rs 299.74 crore as of 31 March 2022.??Investments declined from Rs 10,581.62 crore as of 31 March 2021 to Rs 10,527.87 crore as of 31 March 2022.??
PBDT fell 24.01% to Rs 974.42 crore.??Provision for depreciation fell 2.96% to Rs 168.38 crore.??Fixed assets declined from Rs 6,298.31 crore as of 31 March 2021 to Rs 6,021.37 crore as of 31 March 2022.??Intangible assets increased from Rs 577.21 crore to Rs 689.39 crore.??
Profit before tax down 27.30% to Rs 806.04 crore.??Provision for tax was expense of Rs 165.17 crore, compared to Rs 261.26 crore.??Effective tax rate was 21.02% compared to 22.79%.
Minority interest increased 112.44% to Rs 9.22 crore.??Net profit attributable to owners of the company decreased 30.60% to Rs 611.34 crore.??
Equity capital stood at Rs 39.96 crore as of 31 March 2022 to Rs 39.96 crore as of 31 March 2021.??Per share face Value remained same at Rs 2.00.??
Promoters stake was 34.75% as of 31 March 2022 ,compared to 34.76% as of 31 March 2021 .??
Full year results analysis.
Net sales (including other operating income) of Hero MotoCorp has declined 4.55% to Rs 29551.28 crore.??Operating profit margin has declined from 13.24% to 11.66%, leading to 15.97% decline in operating profit to Rs 3,444.77 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 70.38% to 70.61%. ??Purchase of finished goods cost rose from 0.10% to 0.16%. ??Employee cost increased from 6.25% to 6.76%. ??Other expenses rose from 10.14% to 10.81%. ??
Other income fell 0.52% to Rs 555.01 crore.??PBIDT fell 14.12% to Rs 3999.78 crore.??Provision for interest rose 14.41% to Rs 53.1 crore.??Loan funds rose to Rs 605.17 crore as of 31 March 2022 from Rs 584.02 crore as of 31 March 2021.??Inventories declined from Rs 1,789.27 crore as of 31 March 2021 to Rs 1,472.41 crore as of 31 March 2022.??Sundry debtors were lower at Rs 2,158.49 crore as of 31 March 2022 compared to Rs 2,274.68 crore as of 31 March 2021.??Cash and bank balance declined from Rs 396.24 crore as of 31 March 2021 to Rs 299.74 crore as of 31 March 2022.??Investments declined from Rs 10,581.62 crore as of 31 March 2021 to Rs 10,527.87 crore as of 31 March 2022.??
PBDT fell 14.41% to Rs 3946.68 crore.??Provision for depreciation fell 3.58% to Rs 689.52 crore.??Fixed assets declined from Rs 6,298.31 crore as of 31 March 2021 to Rs 6,021.37 crore as of 31 March 2022.??Intangible assets increased from Rs 577.21 crore to Rs 689.39 crore.??
Profit before tax down 16.39% to Rs 3,257.16 crore.??Share of profit/loss was 327.51% lower at Rs -199.05 crore.??Provision for tax was expense of Rs 729.06 crore, compared to Rs 913.27 crore.??Effective tax rate was 23.84% compared to 23.73%.
Minority interest decreased 33.50% to Rs 12.17 crore.??Net profit attributable to owners of the company decreased 20.59% to Rs 2,316.88 crore.??
Equity capital stood at Rs 39.96 crore as of 31 March 2022 to Rs 39.96 crore as of 31 March 2021.??Per share face Value remained same at Rs 2.00.??
Promoters stake was 34.75% as of 31 March 2022 ,compared to 34.76% as of 31 March 2021 .??
Cash flow from operating activities decreased to Rs 2,103.70 crore for year ended March 2022 from Rs 4,110.45 crore for year ended March 2021.??Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 569.66 crore, compared to Rs 581.02 crore during the year ended March 2021.??
Other Highlights
In Q4 FY22, company sold 11.9 Lakh units of motorcycles and scooters.
In FY22, company sold 49.4 lakh units of motorcycles and scooters.
In April 2022, company sold 418,622 units compared to 372,285 units in April 2021.
Company stated that the Income Tax Department conducted a search activity on the company in March 2022 under Section 132 of the Income Tax Act. While uncertainty exists regarding the outcome of the proceedings by the department, the company, after considering all available information and facts as of date, has not identified the need for any adjustments to the current or prior period financial results.
Board declares a final dividend (@1750%) of Rs 35 per share on face value of Rs 2 per equity share. This dividend together with the Interim dividend, aggregates to Rs 95 per equity share.
Management Comments :
Mr. Niranjan Gupta, Chief Financial Officer (CFO), Hero MotoCorp, said, ?With the economy picking up, we expect the demand for motorcycles and scooters to see a positive turnaround in the coming months. While concerns related to high input costs continue to remain a challenge, we will keep monitoring the situation and take judicious measures as appropriate. The forecast of a normal monsoon is likely to aid the crops, which in turn is expected to improve cash flows in rural sector. All these factors are likely to help in a steady recovery in consumer sentiments and market demand. In FY23, we have lined up multiple product launches in different segments with an aim to continue building our premium portfolio as well as premiumization of existing models, which will help us deliver growth and profitability.?
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