External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

<ul><li>HMCL's Q3FY25 standalone revenue increased by 5% YoY, in-line with consensus while it was 2.2% higher than PLe.</li><li>The growth in revenue was mainly driven by 4.7% YoY expansion in its realizations as volumes remained flat.</li><li>Gross profit increased by 10% YoY while margin expanded by 156bps YoY to 34.2% (PLe: 32.9%), as a result of stable commodity cost, spare revenue and cost savings.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HMCL's Q3FY25 standalone revenue increased by 5% YoY, in-line with consensus while it was 2.2% higher than PLe.The growth in revenue was mainly driven by 4.7% YoY expansion in its realizations as volumes remained flat.Gross profit increased by 10% YoY while margin expanded by 156bps YoY to 34.2% (PLe: 32.9%), as a result of stable commodity cost, spare revenue and cost savings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hero Motocorp (HMCL IN) - Healthy Realizations Amid Sluggish Volume Growth

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HMCL reported a healthy Q3 with 5% revenue growth led by higher ASPs as volumes were flat.</li><li>Domestic 2W market share rose by 70bps QoQ to 28.7% (declined by 120bps YoY), aided by the festive season.</li><li>EBITDA margin sustained at 14.5% (flat QoQ) with underlying ICE margins coming in at 16% (vs 16.5% in Q2FY25; down by 50bps QoQ due to elevated marketing spends during festive).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HMCL reported a healthy Q3 with 5% revenue growth led by higher ASPs as volumes were flat.Domestic 2W market share rose by 70bps QoQ to 28.7% (declined by 120bps YoY), aided by the festive season.EBITDA margin sustained at 14.5% (flat QoQ) with underlying ICE margins coming in at 16% (vs 16.5% in Q2FY25; down by 50bps QoQ due to elevated marketing spends during festive).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hero MotoCorp - Strong Operating Performance; Risk-Reward Attractive

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Long-term Growth Strategy: Hero MotoCorp’s (Hero) strategy for 2030 is built on four key growth pillars: strengthening its core business, excelling in the premium segment, leading in electric vehicles (EVs), and diversifying revenue streams.</li><li>Anchored by the 4S mantra—speed, scale, synergy, and simplification—the strategy also focuses on creating a future-ready organisation and advancing environmental, social, and governance (ESG) initiatives.</li><li>As part of its ongoing portfolio reshaping, the company introduced four new models at Bharat Mobility, positioning itself for sustained growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Long-term Growth Strategy: Hero MotoCorp’s (Hero) strategy for 2030 is built on four key growth pillars: strengthening its core business, excelling in the premium segment, leading in electric vehicles (EVs), and diversifying revenue streams.Anchored by the 4S mantra—speed, scale, synergy, and simplification—the strategy also focuses on creating a future-ready organisation and advancing environmental, social, and governance (ESG) initiatives.As part of its ongoing portfolio reshaping, the company introduced four new models at Bharat Mobility, positioning itself for sustained growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hero Motocorp Ltd - EBITDA & PAT Beat, Product Premiumization and EVs to Drive Growth

Thematic (Sector/Industry)

<ul><li>Mar’25 Wholesale Volumes: Domestic PV industry sales grew by 5% YoY, approximately, driven by strong volumes from Toyota, M&amp;M, and Kia, while Hyundai/Maruti witnessed declines.</li><li>The domestic CV industry saw a growth of 2%/23% YoY/MoM. The domestic tractor industry registered 32% YoY volume growth, led by 34% and 15% YoY growth in M&amp;M and Escorts, respectively.</li><li>In the 2W segment, TVS and Eicher reported YoY growth of 15% and 33%, respectively, while Bajaj/Hero/Honda numbers are awaited.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mar’25 Wholesale Volumes: Domestic PV industry sales grew by 5% YoY, approximately, driven by strong volumes from Toyota, M&amp;M, and Kia, while Hyundai/Maruti witnessed declines.The domestic CV industry saw a growth of 2%/23% YoY/MoM. The domestic tractor industry registered 32% YoY volume growth, led by 34% and 15% YoY growth in M&amp;M and Escorts, respectively.In the 2W segment, TVS and Eicher reported YoY growth of 15% and 33%, respectively, while Bajaj/Hero/Honda numbers are awaited.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Monthly Volume Update - Strong 2W/Tractor Volumes; CVs/ PV a Mixed Bag

<ul><li>Demand Outlook: Hero Motocorp (Hero) experienced a 13% YoY increase in retail volumes during the 32-day festive season, driven by targeted marketing and effective inventory and product-mix planning.</li><li>In the EV segment, VIDA sales reached 11.6k units during the festive period, compared to 5,000 units in the prior period.</li><li>Management highlighted strong demand persisting post-festive season and anticipates medium-term volume growth to be supported by the upcoming marriage season, rural recovery, and heightened government spending.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand Outlook: Hero Motocorp (Hero) experienced a 13% YoY increase in retail volumes during the 32-day festive season, driven by targeted marketing and effective inventory and product-mix planning.In the EV segment, VIDA sales reached 11.6k units during the festive period, compared to 5,000 units in the prior period.Management highlighted strong demand persisting post-festive season and anticipates medium-term volume growth to be supported by the upcoming marriage season, rural recovery, and heightened government spending.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hero Motocorp Ltd - Rural Recovery to Drive Topline Ahead

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)