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Hero MotoCorp Ltd. miss estimates in Q1 due to 1.3% QoQ fall in net average selling price (realization per vehicle increased Rs 870 QoQ while spare parts revenue and other operating income was down).
Gross profit per vehicle went down 14% QoQ and Ebitda per vehicle fell 3% QoQ.
Management indicated two-wheeler demand to be healthy in festive season led by supportive micro factors. Pick up in rural demand would be better than urban demand.
Hero MotoCorp is going to launch its electric vehicle product Veda in coming weeks to tap the festive demand. Retail demand was better than wholesale in Q1. While going ahead every original equipment manufacturers has focused on filling dealer inventory in Q2.
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