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Hero Honda Motors Limited Recommendation: Long Term bargain for ____________________________________________________________ _________ Registered Office: 34 Community Centre, Basant Lok Vasant Vihar, New Delhi- 110057. Telephone: 91-116142451/4121 fax: 91-11-6143321 Website:www.herohonda.com BSE Code: 182 NSE Code: HEROHONDA Reuters: HROH.BO Industry: Automobiles : Two-wheelers Business concourse : Hero Group CEO : Mr. Pawn Kant Munjal Face range : Rs 2 Listing: Ahmedabad, BSE, Calcutta, Delhi, Ludhiana, NSE. 7 Nov, 2002 Recommendation Closing Price Sensex grocery store Capitalization Share in issue Estimated free flub Major shareholders : Long Term Buy : Rs. 240.15 :2975.26 : Rs 4795.6 Cr : 19.97 Cr : 48% : Munjal Group (26%), Honda Group (26%) Summary Industry and regard Indias robust motorcycle demand, having shown 28% Cagr between FY99-02, is decide for a 20% Cagr in the next three course of studys. approving demographics, rising affordability, superior commuting economics, the emergence of motorcycles as a must-own utility, an irreversible shift in consumer preference to motorcycles and accelerated fruit in replacement demand and upgradation (scooters or mopeds to motorcycles) will be the key drivers for this demand growth.

Market Leader continuing on growth path Hero Honda Motors revved up its bike gross revenue by 24.6% in October. It had sell 165,066 bikes in October, up 24.6% from the 132,516 units it sold in the same month last year. In the year ended in March, Hero Hondas motorcycle sales soared 38.45% to 1,425,302. That gave it a 49% share of new bike sales in the past year in India, the worlds largest motorbike mart after China. Hero Honda showed robust half-yearly financial results1 for the point AprilSeptember 2002, despite competition. The companys Profit After Tax (PAT) for the gunpoint soared to Rs. 279.00 crore, a growth of 57 per cent over Rs. 177.15 crore in the corresponding period last year. The profit before tax revenue has also gone up from Rs. 273.44...

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