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Hero MotoCorp numbers in line; valuation reasonable

In terms of demand outlook, customers’ preference towards personal mobility, a positive rural sentiment, and new products, especially in the premium segment, are likely to aid demand for Hero MotoCorp

November 15, 2021 / 08:35 PM IST
Hero MotoCorp numbers in line; valuation reasonable

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The financial performance of Hero MotoCorp (CMP: Rs 2,685; Mcap: Rs 53,570 crore) in the second quarter of FY22 improved on a quarter-on-quarter (QoQ) basis driven by a pick-up in demand, an improvement in realisation and cost reduction efforts undertaken by the company. In terms of demand outlook, customers’ preference towards personal mobility, a positive rural sentiment, and new products, especially in the premium segment, are likely to aid demand. We advise investors to accumulate this fundamentally strong and well run...

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