Hero MotoCorp’s (HMCL) exceeded expectations in Q1FY24, with EBITDAM up 250bps y-o-y/ 70bps q-o-q at 13.8%, beating the consensus of 13.2%. Lower commodity costs, price hikes, and cost-saving measures led to ICE business margins returning to FY19 levels of 14.5%. Despite the growing EV market, HMCL aims to maintain strong margins of 14-16%, focusing on […]