2025-04-12 11:49:04 am | Source: Motilal Oswal Financial Services Ltd
Buy Hero MotoCorp Ltd For Target Rs. 4,500 by Motilal Oswal Financial Services Ltd
* Volume growth remained subdued as 2W demand lagged expectations, resulting in a decline of 1% YoY. However, we expect its ASP to improve ~3% YoY, led by improved mix of 125cc. This is likely to drive revenue growth of 2% YoY.
* While volumes are down 5.6% QoQ, we expect EBITDA margin to largely remain stable QoQ as we expect its promotional spends to decline QoQ.
* Overall, we expect PAT to grow ~3% YoY in 4Q.
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