Hero MotoCorp shares fell on Friday, a day after the auto manufacturer reported its financial results for the October-December period. On BSE, the stock finished the day with a cut of 0.6 percent at Rs 2,718.4 apiece, having declined as much as 2.9 percent during the session.
After the market hours on Thursday, Hero MotoCorp reported a 36.7 percent year-on-year fall in net profit to Rs 686 crore for the quarter ended December. Its quarterly revenue dropped 19.4 percent to Rs 7,883 crore.
Analysts in a CNBC-TV18 poll had estimated the company's net profit for the third quarter of the current financial year at Rs 675 crore and revenue at Rs 7,703 crore.
ALSO READ
The automaker reported Rs 959.5 crore in earnings before interest, taxes, depreciation and ammortisation (EBITDA) for the three-month period, down 32 percent on-year.
Its EBITDA margin came down to 12.2 percent in Q3 from 14.5 percent in the year-ago period.
Analysts had expected its EBITDA at Rs 904 crore and EBITDA margin at 11.7 percent.
Jefferies maintained a 'hold' rating on the stock with a target price of Rs 2,560. The auto maker's EBITDA and profit for the December quarter exceeded estimates, according to Jefferies.
The company's gross profit per vehicle increased nine percent sequentially to a historic high, and its EBITDA/vehicle ratio, though flat, came despite a 10 percent fall in volumes, the brokerage said.
(Edited by : Sandeep Singh)
First Published: Feb 11, 2022 1:17 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Prajwal Revanna Sexual Assault Case: Activist raises concerns over political interference, delayed investigation in the matter
Apr 30, 2024 10:17 PM
Lok Sabha Election 2024: Baramati election outcome will decide the future of Pawar dynasty, says expert
Apr 30, 2024 10:08 PM
Lok Sabha elections 2024: Baramati to Mainpuri, key battles in phase 3
Apr 30, 2024 7:01 PM