Hero MotoCorp Ltd. share price target

Hero Motocorps (HMCL) 3QFY16 EBITDA at Rs 11.4bn ( 39% YoY) was in line. Gross margin expanded 470bps YoY driven by (1) 100bps YoY expansion from cost savings under the leap programme and (2) 370bps YoY from lower commodity price benefits. APAT at Rs 7.9 ( 37% YoY) missed estimates modestly because of lower-than-expected other income (-10% YoY). Topline growth of 7% YoY to Rs 72.9bn was driven by 3% YoY volume increase and 4% YoY rise in net ASP.

to be fructifying, further aided by lower raw material prices. Management remained cautious about pickup in rural demand expects it to be gradual and dependent on monsoon.Weseethecompany'sFY16volumesfalling1%andgrowing9%inFY17,ledbya...

Hero Motocorp (HMCL) reported 3QFY16 result in line with estimate. While reported EBIDTA margin was 20bps ahead of estimate due to 3.2% beat in revenue estimate, PAT came in line with estimate due to marginally higher than expected tax rate and...

With gradual recovery in the rural economy, falling interest rate and new product launches scheduled by the company is likely to Relative performance chart (one year)...

9 Aims to add 7075bps to margins due to its LEAP' programme in FY16. Has already achievedRs2.5bn(annualisedrate)ofsavingsvs.targetofRs2bnfromtheprogramme. Inventoryincreasedduetofestiveseasonbuildup;nowstandsat67weeks...

Hero Motocorps (HMCL) 1QFY16 APAT at Rs 7.5bn ( 33% YoY, 19% QoQ) beat our and consensus estimates by ~8-10%.

much ahead of our estimates of 13.5% mainly due to (1) lower raw material prices,(2) benefits of excise roll back,and (3) cost cutting program Leap'. Revenues fell 1% yoy to Rs69.6bn and were marginally below our estimates. EBITDA grew 11% yoy and was...

Buy Hero MotoCorp at CMP and add on dips to Rs 2,122 - Rs 2,201