Hero MotoCorp hits 52-week high post strong Q3 numbers

Stocks

Broking house Motilal Oswal has kept buy rating on the stock.

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Hero MotoCorp share price touched 52-week high of Rs 3,560, rising more than 3 percent intraday on February 5, a day after it reported a 23.17 percent jump in its December quarter net profit at Rs 1,084.47 crore on the back of strong revenue growth. The company reported a profit of Rs 880.41 crore in the same quarter last fiscal.

The two-wheeler major’s revenue increased by 39.7 percent at Rs 9,775.77 crore against Rs 6.996.73 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) were up 36.1 percent at Rs 1,413.6 crore against Rs 1,038.9 crore, while margin was at 14.5 percent versus 14.8 percent.

The board of directors declared an interim dividend at 3,250 percent ie Rs 65 per equity share (face value of Rs 2 per equity share) for the financial year 2020-21.

Further, the board declared a special interim dividend of Rs 100 crores at 250 percent ie Rs 5 per equity share, to mark the milestone of achieving 100 million cumulative production of two-wheelers, taking the aggregate interim dividend declared to 3,500 percent ie Rs 70 per equity share.

It has fixed February 16, 2021 as the record date for determining the entitlement of members for the purpose of payment of interim dividend. The payment of interim dividend/ dispatch of dividend warrants will be completed by March 6, 2021.

Broking house Motilal Oswal has kept a buy rating on the stock. Gross margin declined 60bp QoQ (-390bp YoY) to 29.5 percent , benefitting from the price hike in Octover 20. Based on the commentary of HMCL’s peers, commodity cost inflation wasn’t material in 3QFY21.

This translated to an EBITDA margin expansion of 80bp QoQ (-30bp YoY) to 14.5 percent  (v/s its estimate of 13.4 percent), benefitting from the gross margin expansion as well as operating leverage benefits, said Motilal Oswal.