At 720.7k (+7% YoY), vols exceed est. of 701.5k
* HMCL’s Sep-17 volumes of 720,739 units (+7% YoY) were higher than our estimate of 701,500 units. This has been the highest-ever monthly volume dispatch for the company. We estimate 11.6% volume growth for FY18, implying a residual monthly run-rate of 593,954 units.
* Mr. Ashok Bhasin, Head of Sales, Marketing and Customer Care, Hero MotoCorp, said, “With close to three weeks still remaining in the festival season, we have set an alltime record by selling over a million motorcycles and scooters in domestic retail sales in the festive period so far, further consolidating our market leadership.”
* HMCL trades at 20.1x/19.1x FY18E/19E EPS. Maintain Neutral.
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