Hero MotoCorp Share price: Jefferies retains HOLD rating, target price Rs 3130
Hero MotoCorp 4QFY21 volumes were 12% below 4QFY19, but EBITDA/PAT were 10-18% higher (8-10% above Jefferies estimate). EBITDA margin contracted just 50bps QoQ despite sharp input cost inflation. Indian 2W demand has weakened amid Covid spike, but Jefferies still expects a cyclical recovery in FY22-23
Hero MotoCorp said that the 2-wheeler segment had lagged in the demand recovery in recent months and Mar-Q registrations were 15% below 2019: Reuters