2025-01-17 10:16:44 am | Source: Motilal Oswal Financial Services Ltd
Buy Hero MotoCorp Ltd For Target Rs. 4,895 by Motilal Oswal Financial Services Ltd
* Volume growth remained flat YoY in 3Q as 2W demand lagged expectations. We expect its ASP to improve ~4% YoY, led by improved mix of 125cc. This is likely to drive revenue growth of 4% YoY.
* However, we expect EBITDA margins to contract 50bp QoQ to 14%, led by lower volumes and higher discounts during the festivals.
* As a result, we expect PAT to decline 5.5% YoY in 3Q
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