Hero MotoCorp Ltd
Hero Moto Corp earlier also known as “Hero Honda” is one of India’s first motorcycle manufacturers.
The company started in 1984 as a Technological collaboration with Honda, Japan. Before this collaboration, Hero was selling Cycles under the brand name, Hero Cycles.
In 2011, Honda group sold its 26% stake in the company to the Munjals (promoters) and ended the JV. Post the termination of JV, the name of the company was changed to Hero Motocorp. [1] [2]
- Market Cap ₹ 89,552 Cr.
- Current Price ₹ 4,479
- High / Low ₹ 4,980 / 2,466
- Stock P/E 24.1
- Book Value ₹ 884
- Dividend Yield 2.29 %
- ROCE 22.7 %
- ROE 16.7 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 75.0%
Cons
- The company has delivered a poor sales growth of 1.03% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Automobile Industry: Automobiles - Motorcycles / Mopeds
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|
25,275 | 27,538 | 28,457 | 28,610 | 32,458 | 33,971 | 29,254 | 30,959 | 29,551 | 34,158 | 36,606 | |
21,722 | 24,018 | 24,033 | 24,025 | 27,124 | 28,946 | 25,184 | 26,902 | 26,295 | 30,060 | 31,655 | |
Operating Profit | 3,553 | 3,520 | 4,424 | 4,585 | 5,334 | 5,025 | 4,070 | 4,058 | 3,256 | 4,099 | 4,951 |
OPM % | 14% | 13% | 16% | 16% | 16% | 15% | 14% | 13% | 11% | 12% | 14% |
430 | 325 | 421 | 830 | 564 | 741 | 1,434 | 553 | 545 | 567 | 804 | |
Interest | 12 | 12 | 15 | 27 | 31 | 37 | 47 | 46 | 53 | 105 | 88 |
Depreciation | 1,107 | 540 | 443 | 502 | 575 | 624 | 846 | 715 | 690 | 697 | 740 |
Profit before tax | 2,864 | 3,292 | 4,387 | 4,885 | 5,292 | 5,104 | 4,611 | 3,849 | 3,058 | 3,864 | 4,926 |
Tax % | 26% | 29% | 29% | 27% | 30% | 32% | 21% | 24% | 24% | 28% | |
2,102 | 2,364 | 3,112 | 3,546 | 3,722 | 3,466 | 3,659 | 2,936 | 2,329 | 2,800 | 3,610 | |
EPS in Rs | 105.30 | 118.42 | 157.34 | 179.49 | 186.29 | 172.44 | 182.14 | 146.05 | 115.95 | 140.61 | 180.87 |
Dividend Payout % | 62% | 51% | 46% | 47% | 51% | 50% | 49% | 72% | 82% | 71% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 1% |
3 Years: | 5% |
TTM: | 10% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | -5% |
3 Years: | -4% |
TTM: | 43% |
Stock Price CAGR | |
---|---|
10 Years: | 7% |
5 Years: | 11% |
3 Years: | 15% |
1 Year: | 75% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 19% |
3 Years: | 17% |
Last Year: | 17% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
Reserves | 5,583 | 6,500 | 8,794 | 10,276 | 11,932 | 13,080 | 14,366 | 15,376 | 15,807 | 16,616 | 17,634 |
284 | 100 | 232 | 261 | 228 | 312 | 453 | 584 | 605 | 568 | 651 | |
4,215 | 4,014 | 3,829 | 4,736 | 5,197 | 5,072 | 4,815 | 7,096 | 6,027 | 6,694 | 7,986 | |
Total Liabilities | 10,122 | 10,654 | 12,896 | 15,312 | 17,397 | 18,504 | 19,674 | 23,096 | 22,478 | 23,917 | 26,311 |
2,247 | 2,952 | 3,784 | 4,599 | 4,961 | 4,952 | 6,473 | 6,380 | 6,194 | 6,159 | 6,414 | |
CWIP | 855 | 719 | 653 | 581 | 355 | 573 | 391 | 495 | 517 | 454 | 175 |
Investments | 4,106 | 3,118 | 4,501 | 6,066 | 7,669 | 6,114 | 8,359 | 10,582 | 10,528 | 10,891 | 11,218 |
2,914 | 3,864 | 3,958 | 4,066 | 4,411 | 6,865 | 4,451 | 5,639 | 5,240 | 6,413 | 8,505 | |
Total Assets | 10,122 | 10,654 | 12,896 | 15,312 | 17,397 | 18,504 | 19,674 | 23,096 | 22,478 | 23,917 | 26,311 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|
2,963 | 2,186 | 3,722 | 4,007 | 4,017 | 1,032 | 5,518 | 4,110 | 2,104 | 2,614 | |
-1,616 | 31 | -2,300 | -1,972 | -1,858 | 1,298 | -2,819 | -2,289 | -222 | -421 | |
-1,414 | -2,131 | -1,475 | -2,036 | -2,102 | -2,252 | -2,602 | -1,852 | -1,975 | -2,147 | |
Net Cash Flow | -66 | 86 | -53 | -1 | 57 | 78 | 97 | -31 | -94 | 45 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 13 | 18 | 16 | 20 | 16 | 29 | 19 | 27 | 27 | 29 |
Inventory Days | 13 | 16 | 14 | 14 | 16 | 19 | 24 | 30 | 26 | 27 |
Days Payable | 46 | 50 | 51 | 62 | 56 | 54 | 58 | 88 | 76 | 73 |
Cash Conversion Cycle | -19 | -16 | -20 | -29 | -24 | -5 | -15 | -32 | -23 | -17 |
Working Capital Days | -33 | -14 | -11 | -17 | -14 | 8 | -7 | -17 | -9 | -4 |
ROCE % | 50% | 54% | 48% | 45% | 39% | 27% | 24% | 18% | 23% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
14h - A meeting of the Board is scheduled on Wednesday, May 8, 2024. In this regard, we wish to inform that an earnings conference call with …
- Board Meeting Intimation for Consideration And Approval Of The Audited Standalone And Consolidated Financial Results For The Quarter And Financial Year Ended March 31, 2024 And To Consider And Recommend The Final Dividend, If Any, For The Financial Year 2023-24. 1d
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Compliances-Reg.24(A)-Annual Secretarial Compliance
2d - Annual Secretarial Compliance report for the financial year ended on March 31, 2024 as per Regulation 24A of the SEBI (LODR) Regulations, 2015
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Announcement under Regulation 30 (LODR)-Change in Management
2d - Disclosure document with respect to a change in senior management personnel of the Company
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
21 Apr - Press Release being issued by the Company
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2019
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Financial Year 2010
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Concalls
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Feb 2024Transcript PPT
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Oct 2019TranscriptPPT
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Sep 2018Transcript PPT
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Aug 2018Transcript PPT
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May 2018TranscriptPPT
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Feb 2018TranscriptPPT
Products & Brands
Premium Segment : Karizma XMR, H-D X440, MAVRICK 440. It has 7 models in 2024. It has Sports, Adventure, Roadster bikes.[1]. The Premium segment contributed ~25% to the revenue mix Q3FY24.[2]