Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

Hero Motocorp (HMCL IN) | Channel Interactions Point to a Wide Disconnect

India Channel Insight | Wipro, Tata Motors, Hero Motocorp

India Channel Insight | Bandhan, Hero, Bata, Nestle

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> announced its Q3FY21 earnings yesterday. It reported highest ever quarterly revenue. Key positive surprises were market share gain in the export market (90bp gain) and 25%+ growth in the spare parts business. Hero Motocorp also did well in the domestic market with 190bp market share gain. This coupled with low base effect helped Hero Motocorp post strong earnings. Revenues grew 40% YoY, EBITDA grew 36% YoY while PAT grew 23% YoY (losses at couple of associates tapered down the PAT growth). EBITDA margins at 14.5% came in within the medium-term guidance of 14-16% range.</p>

Hero Motocorp (HMCL IN) announced its Q3FY21 earnings yesterday. It reported highest ever quarterly revenue. Key positive surprises were market share gain in the export market (90bp gain) and 25%+ growth in the spare parts business. Hero Motocorp also did well in the domestic market with 190bp market share gain. This coupled with low base effect helped Hero Motocorp post strong earnings. Revenues grew 40% YoY, EBITDA grew 36% YoY while PAT grew 23% YoY (losses at couple of associates tapered down the PAT growth). EBITDA margins at 14.5% came in within the medium-term guidance of 14-16% range.

Hero Motocorp Q3FY21 Earnings - Highest Ever Quarterly Revenue