HEROMOTOCO · Automobile and Auto Components
Hero MotoCorp Ltd. reported revenue of ₹10,260 cr for October to December 2024, +4.8% on the year and −2.1% on the quarter.
Operating profit (EBITDA) was ₹1,416 cr, a margin of 13.8%, −35 bps on the year and −3 bps on the quarter. Over the last 7 quarters the margin has ranged from 12.6% to 14.3%, averaging 13.7%. Operating costs grew +5.2%, faster than revenue at +4.8%, so operating profit grew less than sales.
Net profit was ₹1,108 cr, +1.6% on the year and +3.9% on the quarter, with earnings per share of ₹55.38. Profit before other income, one-offs and tax grew 2.0%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹207.65 over the last four quarters, the stock at ₹5,410.50 trades at 26.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9,788 cr | ₹9,617 cr | ₹10,211 cr | ₹10,483 cr | ₹10,260 cr | ₹9,970 cr | ₹9,728 cr | ₹12,218 cr | ₹12,487 cr | ₹12,978 cr | ₹13,126 cr | ₹14,970 cr |
| YoY | — | — | +15% | +10% | +5% | +4% | −5% | +17% | +22% | +30% | +35% | +23% |
| EBITDA margin | 14.1% | 13.7% | 13.8% | 13.8% | 13.8% | 14.5% | 14.5% | 14.5% | 14.0% | 14.4% | 13.0% | 13.3% |
| Other income, % of PBT | 20% | 14% | 16% | 16% | 20% | 22% | 44% | 14% | 11% | 11% | 24% | 26% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 27% | 27% | 27% | 26% | 25% | 20% | 26% | 25% | 20% | 26% | 21% |
| Net profit | ₹1,091 cr | ₹943 cr | ₹1,032 cr | ₹1,066 cr | ₹1,108 cr | ₹1,169 cr | ₹1,706 cr | ₹1,321 cr | ₹1,275 cr | ₹1,474 cr | ₹1,418 cr | ₹1,861 cr |
| YoY | — | — | +47% | +6% | +2% | +24% | +65% | +24% | +15% | +26% | −17% | +41% |
| Core profit YoY | — | — | +29% | +7% | +2% | +9% | +0% | +25% | +27% | +34% | +23% | +13% |
| EPS | ₹54.70 | ₹46.77 | ₹52.31 | ₹53.19 | ₹55.38 | ₹58.06 | ₹85.26 | ₹65.42 | ₹63.35 | ₹72.97 | ₹70.59 | ₹93.00 |
| Flags | · | · | 1 | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hero MotoCorp Ltd. reported revenue of ₹10,260 cr (+4.8% on the year) and net profit of ₹1,108 cr (+1.6% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +2.0% on the year, against +1.6% for reported profit.
None of the 7 checks that could run raised a question.
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