Buy Hero MotoCorp Ltd For Target Rs. 2,775 - Motilal Oswal
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Numbers below estimate; volumes rise 12% YoY to 418.6k
Recovery in marriage season important for meeting FY23 volume estimates
HMCL’s volumes grew 12% YoY to 418.6k units (est. 484k units).
We estimate volumes to grow 6% YoY in FY23, implying a residual growth of 6% YoY, or a run-rate of 439.25k units
Management commentary: With the economy gradually opening up and with continued government policy support, Apr’22 volumes indicate the continuously improving consumer sentiments
HMCL trades at 17.9x/14.5x FY23E/FY24E EPS. We maintain our BUY rating.
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