3 February 2015
3QFY15 Results Update | Sector:
Automobiles
Hero MotoCorp
BSE SENSEX
29,000
Bloomberg
Equity Shares (m)
M.Cap. (INR b) / (USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INRm)/Vol ‘000
Free float (%)
Financials & Valuation (INR b)
Y/E MAR
Net Sales
EBITDA
Adj PAT
EPS (INR)
Gr. (%)
BV/Sh.(INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2015E
277.0
34.8
25.9
129.8
38.6
327.2
427.
60.5
21.7
8.6
2016E
318.5
44.2
34.2
171.2
31.9
402.0
47
67.5
16.4
7.0
2017E
368.2
51.7
40.2
201.4
17.6
494.9
44.9
64.6
14.0
5.7
S&P CNX
8,757
HMCL IN
199.7
561.6/9.1
3,272/1,907
-13/-6/0
1,342/500
60.1
CMP: INR2,812
TP: INR3,222 (+15%)
Buy
EBITDA margin of 11.4% impacted by higher publicity cost
HMCL’s 3QFY15 operating performance was disappointing, impacted by higher
publicity expenses. Impending demand recovery coincides with several new
product launches (two scooter launches in FY16) and new capacities (~2.1m by
1QFY17). Export focus would necessitate higher marketing investment in these
markets, thus impacting margins in the medium term. Cost cutting initiatives
provide option value as its efforts so far are more than negated by cost push.
Deliverance on successful new products and margins would be a key catalyst for
stock’s performance.
n
Net sales de-grew 0.8% YoY to INR67.9b (est. INR68b) on a volume growth of
-1.9% YoY (-2.6% QoQ), while realizations grew 1.2% YoY (1.6% QoQ).
n
Adj. EBITDA margin at 11.4% (v/s est. 12.7%) declined 130bp YoY (down 150bp
QoQ), impacted by one-time publicity expense of ~INR600m (~90bp) due to
bunching up of sponsorships of several events (PGA event in Orlando, Indian
Football League, World Cup Hockey etc). Staff cost was higher at ~30% YoY
(11% QoQ) to ~INR3.2b (v/s est. ~INR2.9b) due to commissioning of Neemrana
plant and Global Parts Centre.
n
Tax rate at ~29.7% (v/s est. 26.5%) was high due to higher tax on debt
investments. PAT grew by 11.1% YoY to INR5.8b (est. INR6.7b).
n
Valuation and view:
We cut the EPS estimates by 6.6%/3.1%/4.5% for
FY15E/16E/17E to INR129.8/171.2/201.4 respectively to factor in for a) higher
marketing spend especially for exports business and b) higher tax rates.. The
stock trades at 16.4x/14x FY16E/17E EPS. Maintain
Buy
with a target price of
INR3,222 (16x FY17E, in-line with LPA).
Estimate change
TP change
Rating change
7/3/5%
5%
Jinesh Gandhi
(Jinesh@MotilalOswal.com); +91 22 3982 5416
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Hero MotoCorp
Volume de-growth of 2% as Motorcycle de-grew by 6%
n
n
n
n
Volumes de-grew by ~2% YoY on account of 6% de-growth in motorcycle.
Scooter sales were robust with 31% growth, while motorcycle de-grew 6%.
Sequentially, HMCL gained market share by 120bp to 40.7% in 3QFY15 in the
domestic 2W segment, due to gain of 380bp market share in Scooters to 19.5%.
Realizations grew 1.2% YoY (1.6% QoQ), partly benefitting from ~0.4% blended
price increase in Oct-14.
As a result, net sales de-grew 0.8% YoY to INR67.93b (est INR68.0b).
Exhibit 2: Realizations improve further to INR41.2k per unit
Exhibit 1: Volume de-growth of ~2% after 4 Quarters
Volumes ('000 units)
23.9
20.1
11.3 8.1
7.4
-1.0 -2.8
17.0
10.1
-10.0
1.9
Growth (%)
19.5
10.0
-1.9
-13.7
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY12
FY13
FY14
FY15
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Trend in Segment Mix ('000 units)
< 125cc
% of total
> 125cc
% of total
Total Motorcycles
% of total
Scooters
% of total
Total 2Ws
Of which exports
% of total
3QFY15 3QFY14
1,389
1,451
84.3
86.3
21
48
1.3
2.9
1,410
1,500
85.6
89.2
238
181
14.4
10.8
1,649
1,681
29
43
1.7
2.6
YoY % 2QFY15
-4.3
1,453
85.9
-56.6
44
2.6
-6.0
1,498
88.5
31.4
195
11.5
-1.9
1,693
(33)
31
1.8
QoQ %
-4.4
-52.7
-5.8
22.2
-2.6
-8.2
FY14
FY13
YoY %
5,378
5,287
1.7
86.1
87.1
160
212
-24.6
2.6
3.5
5,538
5,499
0.7
88.7
90.5
708
574
23.2
11.3
9.5
6,246
6,074
2.8
148
161
(8)
2.4
2.7
Source: Company, MOSL
Exhibit 4: Trend in Market Share
3QFY15
Total Motorcycles
Scooters
Total 2W
Total 2W (Domestic)
43.7
19.5
35.5
40.7
3QFY14
45.3
18.8
37.7
42.0
Chg YoY
(BP)
-160
80
-220
-120
Chg QoQ
(BP)
43.4
20
15.7
380
34.6
90
39.6
120
Source: Company, MOSL
2QFY15
3 February 2015
2

Hero MotoCorp
EBITDA margins post decline of 150bp sequentially
n
n
n
n
Adj. EBITDA margins at 11.4% (v/s est 12.7%) declined 130bp YoY (down 150bp
QoQ) impacted by one time publicity expense.
One time publicity expense (for the qtr) of ~INR600m (~90bp) was due to
bunching up of for sponsorship of several events (PGA event in Orlando, Indian
Football League, World Cup Hockey etc).
Staff cost was higher at ~30% YoY (11% QoQ) to ~INR3.2b (v/s est ~INR2.9b)
due to commissioning of Neemrana plant and Global Parts Centre.
Tax rate at ~29.7% (v/s est 26.5%) was high due to change in tax implications
on debt investments. PAT grew by 11.1% YoY to INR5.8b (est INR6.7b).
Exhibit 5: Margin decline QoQ on higher other expense and
staff cost
Exhibit 6: EBITDA/unit declines QoQ on lower margins
EBITDA (INR m)
10.7
11.511.110.810.7
9.0 8.7 9.6
EBITDA Margins (%)
11.110.0
9.6 9.7 10.1
12.9
11.4
EBITDA (INR/unit)
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY12
FY13
FY14
FY15
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
FY12
FY13
FY14
FY15
Source: Company, MOSL
Source: Company, MOSL
Key takeaways from management interaction
n
n
n
n
n
n
Blended price increase of ~INR150/unit taken in Oct-14
Entered into Colombia market with six of its best selling bikes with 120 outlets
Cost saving initiatives continues to deliver, with ~INR600m savings, which were
off-set by cost push on Aluminum. 9MFY15 savings on account of ‘Leap’
program is ~INR2.4b, which were more than off-set by cost pressures.
Excise duty increase to add ~1% from 4QFY15 onwards.
1 New scooter (Dash, 110cc) to be launched in Jun-Jul'15, with another scooter
(Dare, 125cc) to be launched later.
Gujarat plant to be operational by Apr-16.
Valuation and view
n
n
Industry growth to gain pace, competitive pressure to reduce:
HMSI has guided
for 21% growth for FY15 (v/s industry growth expectation of 13%), a sharp
moderation v/s 37% growth in FY14 (industry growth of 7%). The share of
incremental industry volumes is expected to reduce significantly from 97% in
FY14 to ~39% in FY15, thereby implying reduced competitive intensity on an
incremental basis.
Product lifecycle turning positive; plans 2 launches in FY16:
HMCL has
undertaken virtually nil new product launches over the last 18 months. HMSI,
over the same period, launched around six new products. HMCL is embarking on
a favorable product lifecycle, with two promising new launches lined up in
1Q/2QFY16, together with major refreshes to existing products such as recently-
3
3 February 2015

Hero MotoCorp
n
n
launched Splendor iSmart (with start-stop technology). It is targeting ~35
launches over next 3 years, including 110cc scooter & 250cc motorcycle.
Export market to offer huge headroom for growth:
Over FY14-16E, entry into
multiple new export markets can improve overall growth by ~1% (growth can
accelerate significantly post the initial learning curve). It plans to double its
target export markets from currently 20 to 40 countries over next few years. We
are estimating export volumes of ~0.23m/0.34m/0.51m units in Y15/FY16/FY17.
Valuation & View:
Impending demand recovery coincides with several new
product launches (2 scooter launches in FY16) and new capacities (~2.1m by
1QFY17). Export focus would necessitate higher marketing investment in these
markets, impacting margins in medium term. Cost cutting initiatives provide
option value, as its efforts so far are more than negated by cost push.
Deliverance on successful new products and on margins would be key catalyst to
the stock performance. We cut our EPS estimates by 6.6%/3.1%/4.5% for
FY15E/16E/17E to INR129.8/171.2/201.4 respectively. The stock currently trades
at 16.4x/14.0x FY16E/17E EPS. Maintain Buy with a TP of INR3,222 (16x FY17E).
Exhibit 7: Revised Forecast
(INR B)
Volumes ('000 units)
Net Sales
EBITDA
EBITDA Margins (%)
Net Profit
EPS (Rs)
Rev
6,754
277.0
34.8
11.8
25.9
129.8
FY15E
Old Chg (%)
6,781
-0.4
278
-0.5
36
-3.9
12.3
-50
28
-6.6
139.0
-6.6
Rev
7,595
318.5
44.2
13.9
34.2
171.2
FY16E
Old Chg (%)
7,588
0.1
318
0.3
45
-1.0
14.1
-20
35
-3.1
176.7
-3.1
FY17E
Rev
Old Chg (%)
8,663 8,653
0.1
368.2
367
0.3
51.7
53
-2.1
14.0 14.4
-30
40.2
42
-4.5
201.4 210.9
-4.5
Source: Company, MOSL
Exhibit 8: Valuations trading at historical average, reflecting improving fundamentals
30
P/E (x)
5 Yrs Avg(x)
15 Yrs Avg(x)
10 Yrs Avg(x)
16.0
12.0
P/B (x)
5 Yrs Avg(x)
15 Yrs Avg(x)
10 Yrs Avg(x)
20
17.3
15.4
16.8
8.0
8.0
4.0
6.4
13.5
6.9
7.1
10
0
0.0
Source: MOSL
Source: MOSL
3 February 2015
4

Hero MotoCorp
Exhibit 9: Comparative Valuation
Auto OEM's
Bajaj Auto
Hero MotoCorp
TVS Motor
M&M
Maruti Suzuki
Tata Motors
Ashok Leyland
Eicher Motors#
Auto Ancillaries
Bharat Forge
Exide Industries
Amara Raja Batteries
# Nos. are on CY basis
CMP * Rating
(INR)
2,260 Buy
2,812 Buy
286 Buy
1,200 Neutral
3,608 Buy
602 Buy
65 Buy
16,320 Buy
1,089
198
910
Buy
Buy
Buy
TP
P/E (x)
(INR) FY16E
FY17E
2,832
14.9
12.8
3,222
16.4
14.0
326
21.5
15.3
1,319
15.3
12.2
4,616
20.9
15.7
744
8.0
6.8
87
18.3
10.9
16,473
41.8
26.1
1,233
241
1,093
25.8
21.3
28.4
19.9
17.8
20.8
EV/EBITDA (x)
FY16E
FY17E
9.4
7.6
11.3
9.3
13.4
9.5
13.1
10.7
11.1
8.7
3.4
2.7
9.1
5.8
25.1
16.4
13.6
13.2
16.1
10.5
10.8
12.0
RoE (%)
FY16E
FY17E
36.4
35.4
47.0
44.9
33.0
34.9
16.5
16.9
18.5
20.6
25.2
23.3
18.0
26.0
36.8
41.4
26.9
16.8
28.8
27.7
17.5
31.0
RoCE (%)
FY16E
FY17E
50.4
48.8
67.5
64.6
39.2
43.5
17.9
18.8
23.2
26.1
27.3
26.9
17.9
26.9
39.8
48.3
27.7
31.1
23.6
24.5
40.7
44.1
Source: Company, MOSL
3 February 2015
5

Hero MotoCorp
Story in charts: Robust 25% EPS CAGR over FY15-17E
Exhibit 10: Volumes to register a CAGR of 13.3% over FY15-
17E
Volumes ('000 units)
15.4
12.5
8.1
11.0
9.5
10.1
Volume growth (%)
14.1
Exhibit 11: EBITDA margin to expand on royalty expiry, cost
reduction
Adj. EBITDA Margin (%)
13.9
11.8
14.0
2.8
-2.6
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 12: Strong earnings growth of 25% over FY15-17E
PAT (INR m)
38.6
18.4
Growth (%)
31.9
17.6
Exhibit 13: Robust dividend payout
Dividend payout (%)
70
DPS (INR)
80
90
60
45
65
-10.9
FY12
FY13
-11.7
FY14
FY15E
FY16E
FY17E
43
FY12
65
FY13
80
FY14
62
FY15E
54
FY16E
51
FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 14: Return ratios to improve on better profitability
RoCE (%)
RoE (%)
Exhibit 15: Net cash surplus to rise further
Net Debt (INR mn)
(23,268)
43.6
65.6
49.9
45.6
52.0
35.3
60.5
42.7
67.5
47.0
64.6
44.9
(35,027)
(41,818)
(49,233)
(61,759)
(83,242)
FY12
FY13
FY14
FY15E
FY16E
FY17E
FY12
FY13
FY14
FY15E
FY16E
FY17E
Source: Company, MOSL
Source: Company, MOSL
3 February 2015
6

Hero MotoCorp
Key operating metrics
Exhibit 16: Snapshot of Revenue Model
000 units
Total M/Cycles
Growth (%)
% of total volumes
Total Scooters
Growth (%)
% of total volumes
Total volumes
Growth (%)
- of which Exports
% of total volumes
Avg. Net Realn (INR/unit)
Growth (%)
Net Revenues (INR b)
Growth (%)
FY10
4,386
23.0
95.3
214
37.2
4.7
4,600
23.6
0
0.0
34,256
3.5
158
27.9
FY11
5,041
14.9
93.3
361
68.7
6.7
5,402
17.4
0
0.0
35,624
4.0
192
22.1
FY12
5,780
14.7
92.7
456
26.0
7.3
6,235
15.4
0
0.0
37,478
5.2
234
21.4
FY13
5,501
-4.8
90.5
574
26.1
9.5
6,076
-2.6
0
0.0
38,816
3.6
236
0.9
FY14
5,538
0.7
88.7
708
23.2
11.3
6,246
2.8
113
2.0
40,226
3.6
251
6.5
FY15E
6,004
8.4
88.9
750
6.0
11.1
6,754
8.1
226
3.7
41,010
1.9
277
10.2
FY16E
6,695
11.5
88.1
900
20.0
11.9
7,595
12.5
340
4.9
41,937
2.3
319
15.0
FY17E
7,628
13.9
88.1
1,035
15.0
11.9
8,663
14.1
510
6.5
42,507
1.4
368
15.6
Source: Company, MOSL
3 February 2015
7

Hero MotoCorp
Corporate profile: Hero MotoCorp
Company description
Hero MotoCorp (HMCL), erstwhile JV between
Honda Corporation Japan and the Munjal family, is
the leader in domestic motorcycle market with
~44% share, benefiting from a strong dealership
network and high penetration in the rural areas
(~45% of sales) as well. Post split from Honda, Hero
MotoCorp is free to tap global opportunity in 2W.
Exhibit 17: Sensex rebased
3,400
3,000
2,600
2,200
1,800
Feb-14
May-14
Aug-14
Nov-14
Feb-15
Hero Motocorp
Sensex - Rebased
Exhibit 18: Shareholding pattern (%)
Dec-14
Promoter
DII
FII
Others
39.9
7.4
39.3
13.3
Sep-14
39.9
8.4
34.3
17.3
Dec-13
39.9
8.5
30.6
21.0
Exhibit 19: Top holders
Holder Name
Lathe Investment Pte Ltd
Europacific Growth Fund
Aberdeen Global Indian Equity Fund (Mauritius) Ltd
Life Insurance corporation of India
BC India Pvt Investor II
% Holding
2.8
2.3
2.3
2.1
1.5
Note: FII Includes depository receipts
Exhibit 20: Top management
Name
Brijmohan Lall Munjal
Pawan Munjal
Sunil Kant Munjal
Ravi Sud
A Srinivasu
Designation
Chairman
Vice Chairman & MD & CEO
Joint Managing Director
Sr. Vice President and CFO
Head – National Sales
Exhibit 21: Directors
Name
Brijmohan Lall Munjal
Pawan Munjal
Sunil Kant Munjal
V P Malik*
Ravi Nath*
Pritam Singh*
*Independent
Name
Anand C Burman*
Pradeep Dinodia*
Meleveetil Damodaran*
Paul Edgerley
Suman Kant Munjal
Exhibit 22: Auditors
Name
Deloitte Haskins & Sells
Ramanath Iyer & Co
Type
Statutory
Cost Auditor
Exhibit 23: MOSL forecast v/s consensus
EPS
(INR)
FY15
FY16
FY17
MOSL
forecast
129.8
171.2
201.4
Consensus
forecast
133.4
165.1
182.0
Variation
(%)
-2.7
3.7
10.7
3 February 2015
8

Hero MotoCorp
Financials and valuations
Income Statement
Y/E March
Volumes ('000)
Volume Growth (%)
Net Sales
Change (%)
EBITDA
Adj EBITDA Margin (%)
Depreciation
EBIT
Interest cost
Other Income
PBT
Tax
Effective Tax Rate (%)
PAT
Change (%)
% of Net Sales
Adj. PAT
Change (%)
2010
4,600
23.6
157,582
27.9
26,620
16.9
1,915
24,705
-206
3,406
28,317
5,999
21.2
22,318
74.1
14.2
22,318
74.1
2011
5,402
17.4
192,450
22.1
24,596
11.8
4,024
20,573
152
4,425
24,048
4,769
19.8
19,279
-13.6
10.0
20,077
-10.0
2012
6,235
(INR Million)
2013
6,076
2014
6,246
2015E
6,754
8.1
276,992
10.2
34,807
11.8
5,401
29,406
125
6,840
36,121
10,198
28.2
25,923
38.6
9.4
25,923
38.6
2016E
7,595
12.5
318,522
15.0
44,249
13.9
4,026
40,223
125
7,742
47,840
13,644
28.5
34,196
31.9
10.7
34,196
31.9
2017E
8,663
14.1
368,231
15.6
51,679
14.0
4,450
47,230
125
9,478
56,582
16,364
28.9
40,219
17.6
10.9
40,219
17.6
15.4
233,681
21.4
34,078
11.0
10,973
23,105
213
5,756
28,647
4,866
17.0
23,781
23.4
10.2
23,781
18.4
-2.6
235,827
0.9
30,991
9.5
11,418
19,574
119
5,838
25,292
4,110
16.3
21,182
-10.9
9.0
21,182
-10.9
2.8
251,249
6.5
33,895
10.1
11,074
22,821
118
5,969
28,673
9,966
34.8
18,707
-11.7
7.4
18,707
-11.7
Balance Sheet
Y/E March
Sources of Funds
Share Capital
Reserves
Net Worth
Deferred Tax
Loans
Capital Employed
Application of Funds
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr.Assets, L & Adv.
Inventory
Sundry Debtors
Cash & Bank Balances
Loans & Advances
Others
Current Liab. & Prov.
Sundry Creditors
Other Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2010
399
34,251
34,650
1,606
660
36,917
27,510
10,922
16,588
481
39,257
28,826
4,364
1,084
19,072
4,058
248
48,314
11,114
26,936
10,264
-19,488
36,917
2011
399
29,161
29,561
2,468
21,518
53,546
55,385
14,582
40,803
500
51,288
14,673
5,249
1,306
715
6,870
532
53,716
20,733
22,173
10,811
-39,044
53,546
2012
399
42,499
42,898
2,083
17,143
62,124
63,083
25,228
37,855
388
39,643
21,003
6,756
2,723
768
10,092
664
36,765
22,932
2,933
10,901
-15,762
62,124
2013
399
49,663
50,062
1,324
3,022
54,408
67,355
36,645
30,710
621
36,238
28,848
6,368
6,650
1,810
13,336
683
42,008
18,733
8,876
14,399
-13,161
54,408
2014
399
55,599
55,999
0
245
56,243
69,089
46,657
22,433
8,541
40,888
28,052
6,696
9,206
1,175
10,277
699
44,730
22,906
5,881
15,943
-16,678
56,243
2015E
399
64,935
65,335
0
-1,766
63,569
88,631
52,058
36,573
1,000
40,888
36,210
7,382
10,149
6,579
11,330
770
52,161
25,253
9,486
17,422
-15,951
63,569
2016E
399
79,880
80,279
0
-1,766
78,514
98,631
56,084
42,547
1,000
40,888
53,179
8,488
11,671
19,105
13,029
886
60,159
29,039
10,908
20,211
-6,980
78,514
(INR Million)
2017E
399
98,441
98,841
0
-1,766
97,075
103,631
60,534
43,097
1,000
40,888
79,980
9,813
13,492
40,589
15,062
1,024
68,949
33,571
12,611
22,768
11,031
97,075
3 February 2015
9

Hero MotoCorp
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
EPS Growth (%)
Cash EPS
Book Value per Share
DPS
Payout (Incl. Div. Tax) %
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price to Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors (Days)
Working Capital (Days)
Asset Turnover (x)
Fixed Asset Turnover
Leverage Ratio
Debt/Equity (x)
2010
111.8
74.1
121.3
173.5
110.0
115.0
2011
100.5
-10.0
107.6
2012
119.1
18.4
132.0
214.8
45.0
43.5
23.6
21.3
15.8
2.3
13.1
1.6
65.6
49.9
4
11
36
-25
3.8
5.9
0.4
2013
106.1
-10.9
120.2
250.7
60.0
65.1
26.5
23.4
17.0
2.2
11.2
2.1
45.6
43.6
11
10
29
-20
4.3
6.9
0.1
2014
93.7
-11.7
106.1
280.4
65.0
79.8
30.0
26.5
15.3
2.1
10.0
2.3
35.3
52.0
14
10
33
-24
4.5
9.5
0.0
2015E
2016E
2017E
129.8
38.6
156.9
327.2
70.0
62.0
21.7
17.9
14.7
1.8
8.6
2.5
42.7
60.5
14
10
33
-21
4.4
9.4
0.0
171.2
31.9
191.4
402.0
80.0
53.7
16.4
14.7
11.3
1.6
7.0
2.8
47.0
67.5
14
10
33
-8
4.1
8.1
0.0
201.4
17.6
223.7
494.9
90.0
51.4
14.0
12.6
9.3
1.3
5.7
3.2
44.9
64.6
14
10
33
11
3.8
8.6
0.0
148.0
105.0
125.1
5.5
61.4
72.8
3
11
26
-45
4.3
9.7
0.0
5.5
62.5
55.3
3
11
39
-74
3.6
6.7
0.7
Cash Flow Statement
Y/E March
Profit before Tax
Depreciation & Amort.
Direct Taxes Paid
(Inc)/Dec in Working Capital
Interest/Div. Received
Other Items
CF from Oper. Activity
(Inc)/Dec in FA+CWIP
CF from Inv. Activity
Interest Paid
Dividends Paid
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2010
28,317
1,915
-5,751
4,846
458
-2,476
27,309
-2,101
-5,734
-21
-20,948
-21,093
497
135
632
2011
24,048
2,253
-4,812
1,847
581
-2,565
21,352
-3,610
-13,804
-152
-9,401
-9,552
-2,005
625
-1,380
2012
28,647
2,807
-5,827
-6,906
698
-3,290
16,130
-5,034
8,396
-213
-24,369
-24,582
-56
393
337
2013
25,292
3,941
-6,133
-7,872
1,073
-3,800
12,500
-6,004
-925
-119
-10,444
-10,563
1,012
337
1,349
2014
28,673
2,491
-9,966
105
118
21,421
-2,134
-6,783
-118
-15,199
-15,317
-680
1,810
1,130
2015E
36,121
3,391
-10,198
2016E
47,840
4,026
-13,644
(INR Million)
2017E
56,582
4,450
-16,364
2,667
125
32,107
-9,990
-9,990
-125
3,555
125
41,902
-10,000
-10,000
-125
3,473
125
48,266
-5,000
-5,000
-125
-16,587
-16,712
5,404
1,175
6,579
-19,251
-19,376
12,526
6,579
19,105
-21,657
-21,782
21,484
19,105
40,589
3 February 2015
10

Hero MotoCorp
NOTES
3 February 2015
11

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HERO MOTOCORP
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Hero MotoCorp
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