Hero MotoCorp Ltd
NSE:HEROMOTOCO
Income Statement
Earnings Waterfall
Hero MotoCorp Ltd
Revenue
|
377.9B
INR
|
Cost of Revenue
|
-255.1B
INR
|
Gross Profit
|
122.8B
INR
|
Operating Expenses
|
-76.9B
INR
|
Operating Income
|
45.9B
INR
|
Other Expenses
|
-8.5B
INR
|
Net Income
|
37.4B
INR
|
Income Statement
Hero MotoCorp Ltd
Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
158 308
N/A
|
162 982
+3%
|
167 806
+3%
|
180 996
+8%
|
193 979
+7%
|
207 830
+7%
|
220 572
+6%
|
229 350
+4%
|
235 790
+3%
|
241 446
+2%
|
235 059
-3%
|
236 573
+1%
|
237 682
+0%
|
236 804
0%
|
242 191
+2%
|
249 083
+3%
|
252 755
+1%
|
89 133
-65%
|
180 815
+103%
|
260 188
+44%
|
339 722
+31%
|
332 449
-2%
|
317 373
-5%
|
308 749
-3%
|
292 553
-5%
|
240 385
-18%
|
258 511
+8%
|
286 033
+11%
|
309 592
+8%
|
334 928
+8%
|
325 585
-3%
|
307 445
-6%
|
295 513
-4%
|
324 961
+10%
|
331 154
+2%
|
332 206
+0%
|
341 584
+3%
|
345 618
+1%
|
349 367
+1%
|
366 062
+5%
|
377 886
+3%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(114 067)
|
(118 764)
|
(124 228)
|
(136 231)
|
(141 112)
|
(152 966)
|
(162 103)
|
(167 902)
|
(172 816)
|
(176 394)
|
(171 859)
|
(173 765)
|
(173 977)
|
(172 507)
|
(175 760)
|
(179 895)
|
(182 298)
|
(62 065)
|
(125 502)
|
(179 988)
|
(236 134)
|
(229 253)
|
(217 267)
|
(209 608)
|
(199 729)
|
(162 080)
|
(177 816)
|
(199 884)
|
(218 787)
|
(236 460)
|
(230 680)
|
(218 371)
|
(210 325)
|
(230 614)
|
(234 527)
|
(233 957)
|
(240 606)
|
(239 673)
|
(239 338)
|
(248 864)
|
(255 094)
|
|
Gross Profit |
44 242
N/A
|
44 220
0%
|
43 579
-1%
|
44 767
+3%
|
52 869
+18%
|
54 866
+4%
|
58 471
+7%
|
61 449
+5%
|
62 975
+2%
|
65 052
+3%
|
63 201
-3%
|
62 809
-1%
|
63 704
+1%
|
64 296
+1%
|
66 430
+3%
|
69 186
+4%
|
70 456
+2%
|
27 068
-62%
|
55 313
+104%
|
80 200
+45%
|
103 588
+29%
|
103 196
0%
|
100 106
-3%
|
99 140
-1%
|
92 824
-6%
|
78 304
-16%
|
80 694
+3%
|
86 148
+7%
|
90 805
+5%
|
98 468
+8%
|
94 904
-4%
|
89 073
-6%
|
85 188
-4%
|
94 346
+11%
|
96 627
+2%
|
98 251
+2%
|
100 977
+3%
|
105 946
+5%
|
110 029
+4%
|
117 198
+7%
|
122 792
+5%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(18 810)
|
(19 291)
|
(20 117)
|
(23 079)
|
(31 565)
|
(33 221)
|
(35 912)
|
(36 760)
|
(37 761)
|
(39 388)
|
(39 625)
|
(40 775)
|
(42 277)
|
(42 795)
|
(43 768)
|
(45 232)
|
(46 140)
|
(14 579)
|
(30 440)
|
(45 816)
|
(59 532)
|
(62 443)
|
(62 392)
|
(62 471)
|
(60 367)
|
(56 676)
|
(56 562)
|
(57 803)
|
(56 914)
|
(60 540)
|
(59 103)
|
(57 865)
|
(57 407)
|
(62 577)
|
(64 843)
|
(66 855)
|
(66 492)
|
(69 349)
|
(70 843)
|
(73 800)
|
(76 869)
|
|
Selling, General & Administrative |
(5 603)
|
(5 668)
|
(5 779)
|
(5 969)
|
(6 189)
|
(6 384)
|
(6 680)
|
(7 112)
|
(7 355)
|
(7 756)
|
(7 884)
|
(7 873)
|
(8 209)
|
(8 378)
|
(8 746)
|
(9 203)
|
(9 304)
|
(4 241)
|
(8 703)
|
(13 176)
|
(43 131)
|
(18 367)
|
(18 683)
|
(19 021)
|
(40 853)
|
(17 994)
|
(18 456)
|
(18 961)
|
(39 620)
|
(20 062)
|
(20 013)
|
(20 018)
|
(41 448)
|
(21 011)
|
(21 453)
|
(21 738)
|
(46 027)
|
(22 931)
|
(23 233)
|
(23 811)
|
(24 716)
|
|
Depreciation & Amortization |
(1 915)
|
(1 942)
|
(2 047)
|
(2 138)
|
(4 025)
|
(5 940)
|
(8 117)
|
(10 544)
|
(10 974)
|
(11 611)
|
(11 721)
|
(11 566)
|
(11 417)
|
(11 126)
|
(11 100)
|
(11 000)
|
(11 073)
|
(1 535)
|
(3 108)
|
(4 690)
|
(6 244)
|
(7 134)
|
(7 658)
|
(8 186)
|
(8 458)
|
(7 818)
|
(7 556)
|
(7 242)
|
(7 151)
|
(7 095)
|
(6 999)
|
(6 947)
|
(6 895)
|
(6 895)
|
(6 884)
|
(6 860)
|
(6 974)
|
(7 043)
|
(7 186)
|
(7 405)
|
(7 574)
|
|
Other Operating Expenses |
(11 292)
|
(11 681)
|
(12 292)
|
(14 972)
|
(21 351)
|
(20 897)
|
(21 115)
|
(19 104)
|
(19 432)
|
(20 021)
|
(20 020)
|
(21 335)
|
(22 650)
|
(23 290)
|
(23 921)
|
(25 028)
|
(25 761)
|
(8 803)
|
(18 629)
|
(27 949)
|
(10 156)
|
(36 943)
|
(36 051)
|
(35 265)
|
(11 056)
|
(30 864)
|
(30 551)
|
(31 601)
|
(10 143)
|
(33 385)
|
(32 093)
|
(30 901)
|
(9 064)
|
(34 671)
|
(36 505)
|
(38 257)
|
(13 491)
|
(39 375)
|
(40 425)
|
(42 585)
|
(44 580)
|
|
Operating Income |
25 430
N/A
|
24 928
-2%
|
23 462
-6%
|
21 687
-8%
|
21 304
-2%
|
21 644
+2%
|
22 558
+4%
|
24 690
+9%
|
25 214
+2%
|
25 665
+2%
|
23 576
-8%
|
22 033
-7%
|
21 428
-3%
|
21 502
+0%
|
22 663
+5%
|
23 956
+6%
|
24 317
+2%
|
12 489
-49%
|
24 874
+99%
|
34 386
+38%
|
44 056
+28%
|
40 754
-7%
|
37 715
-7%
|
36 670
-3%
|
32 457
-11%
|
21 630
-33%
|
24 133
+12%
|
28 345
+17%
|
33 891
+20%
|
37 927
+12%
|
35 800
-6%
|
31 208
-13%
|
27 781
-11%
|
31 769
+14%
|
31 784
+0%
|
31 395
-1%
|
34 486
+10%
|
36 597
+6%
|
39 186
+7%
|
43 398
+11%
|
45 923
+6%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
207
|
179
|
139
|
33
|
(151)
|
(303)
|
(353)
|
(322)
|
(212)
|
(116)
|
(117)
|
(118)
|
(120)
|
(121)
|
(121)
|
(121)
|
(119)
|
(29)
|
13
|
89
|
7 166
|
238
|
198
|
255
|
7 285
|
(201)
|
(180)
|
(1 409)
|
4 878
|
(2 312)
|
(3 104)
|
(1 937)
|
3 177
|
(1 381)
|
(1 330)
|
(813)
|
4 365
|
(1 823)
|
(1 310)
|
(1 682)
|
(1 966)
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
7 375
|
6 774
|
6 774
|
6 774
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1 600)
|
(1 600)
|
(1 600)
|
(1 600)
|
|
Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(58)
|
0
|
0
|
0
|
(83)
|
0
|
0
|
0
|
(38)
|
0
|
0
|
0
|
(96)
|
0
|
0
|
0
|
7
|
0
|
0
|
0
|
0
|
|
Total Other Income |
2 681
|
2 790
|
2 884
|
3 109
|
2 894
|
3 301
|
3 405
|
3 401
|
3 647
|
3 753
|
3 858
|
3 988
|
3 983
|
4 065
|
4 224
|
4 280
|
4 443
|
1 173
|
3 286
|
5 194
|
(122)
|
7 942
|
7 475
|
7 412
|
(322)
|
6 562
|
6 255
|
6 466
|
(238)
|
5 532
|
5 773
|
4 919
|
(281)
|
4 651
|
4 011
|
4 629
|
(222)
|
7 391
|
8 532
|
9 148
|
8 545
|
|
Pre-Tax Income |
28 317
N/A
|
27 895
-1%
|
26 485
-5%
|
24 829
-6%
|
24 047
-3%
|
24 640
+2%
|
25 609
+4%
|
27 767
+8%
|
28 648
+3%
|
29 301
+2%
|
27 317
-7%
|
25 905
-5%
|
25 293
-2%
|
25 446
+1%
|
26 768
+5%
|
28 116
+5%
|
28 641
+2%
|
13 632
-52%
|
28 172
+107%
|
39 668
+41%
|
51 043
+29%
|
56 310
+10%
|
52 162
-7%
|
51 110
-2%
|
46 111
-10%
|
27 990
-39%
|
30 208
+8%
|
33 403
+11%
|
38 493
+15%
|
41 147
+7%
|
38 469
-7%
|
34 190
-11%
|
30 581
-11%
|
35 039
+15%
|
34 466
-2%
|
35 212
+2%
|
38 636
+10%
|
40 566
+5%
|
44 808
+10%
|
49 263
+10%
|
50 902
+3%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(5 999)
|
(5 662)
|
(5 167)
|
(4 579)
|
(4 769)
|
(4 699)
|
(4 687)
|
(5 005)
|
(4 866)
|
(4 943)
|
(4 590)
|
(4 429)
|
(4 111)
|
(4 933)
|
(5 847)
|
(6 828)
|
(7 583)
|
(4 385)
|
(9 105)
|
(12 873)
|
(16 380)
|
(18 327)
|
(15 161)
|
(12 786)
|
(9 517)
|
(3 385)
|
(4 803)
|
(6 758)
|
(9 133)
|
(9 801)
|
(9 283)
|
(8 252)
|
(7 291)
|
(8 457)
|
(8 539)
|
(9 115)
|
(10 637)
|
(11 417)
|
(12 411)
|
(13 168)
|
(13 480)
|
|
Income from Continuing Operations |
22 318
|
22 234
|
21 319
|
20 251
|
19 279
|
19 941
|
20 921
|
22 761
|
23 781
|
24 357
|
22 727
|
21 476
|
21 182
|
20 513
|
20 921
|
21 289
|
21 060
|
9 247
|
19 067
|
26 795
|
34 664
|
37 983
|
37 001
|
38 324
|
36 594
|
24 605
|
25 405
|
26 646
|
29 361
|
31 348
|
29 188
|
25 938
|
23 291
|
26 582
|
25 927
|
26 097
|
27 999
|
29 148
|
32 396
|
36 095
|
37 422
|
|
Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
4
|
(43)
|
(93)
|
(68)
|
(223)
|
(224)
|
(217)
|
(275)
|
(213)
|
(154)
|
(164)
|
(231)
|
(183)
|
(200)
|
(168)
|
(73)
|
(122)
|
(70)
|
13
|
66
|
101
|
149
|
80
|
54
|
27
|
|
Equity Earnings Affiliates |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(36)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net Income (Common) |
22 318
N/A
|
22 234
0%
|
21 319
-4%
|
20 251
-5%
|
19 279
-5%
|
19 941
+3%
|
20 921
+5%
|
22 761
+9%
|
23 781
+4%
|
24 357
+2%
|
22 727
-7%
|
21 476
-6%
|
21 182
-1%
|
20 513
-3%
|
20 921
+2%
|
21 289
+2%
|
21 027
-1%
|
9 204
-56%
|
18 974
+106%
|
26 727
+41%
|
34 441
+29%
|
37 759
+10%
|
36 784
-3%
|
38 049
+3%
|
36 381
-4%
|
24 450
-33%
|
25 240
+3%
|
26 414
+5%
|
29 178
+10%
|
31 147
+7%
|
29 019
-7%
|
25 864
-11%
|
23 169
-10%
|
26 511
+14%
|
25 938
-2%
|
26 161
+1%
|
28 100
+7%
|
29 296
+4%
|
32 475
+11%
|
36 149
+11%
|
37 448
+4%
|
|
EPS (Diluted) |
111.59
N/A
|
111.17
0%
|
106.59
-4%
|
100.25
-6%
|
96.39
-4%
|
99.7
+3%
|
104.6
+5%
|
112.67
+8%
|
118.9
+6%
|
121.78
+2%
|
113.63
-7%
|
107.38
-6%
|
105.91
-1%
|
102.56
-3%
|
104.6
+2%
|
106.44
+2%
|
105.13
-1%
|
46.25
-56%
|
95.34
+106%
|
133.63
+40%
|
172.2
+29%
|
189.74
+10%
|
184.84
-3%
|
190.24
+3%
|
181.9
-4%
|
122.25
-33%
|
126.2
+3%
|
132.07
+5%
|
145.88
+10%
|
155.73
+7%
|
145.09
-7%
|
129.32
-11%
|
115.84
-10%
|
132.55
+14%
|
129.69
-2%
|
130.8
+1%
|
140.49
+7%
|
146.45
+4%
|
162.16
+11%
|
180.48
+11%
|
187.04
+4%
|