India's largest motorcycle maker missed estimates for the fourth straight quarter as net profit fell 20.4 percent on rising costs and falling sales that battered margins.
Buy Hero Motocorp; target Rs 2100: Dolat Capital
The investment bank maintains its 'underweight' rating on the stock, while reducing its earnings estimates by 5 percent for FY13, and 3 percent for FY14, saying that the decline in Hero's margins is more structural than cyclical.
"Most of the miss came at the operating level and was attributed to lower gross margins of new launches (Maestro and Ignitor) and increased sales promotion costs," Morgan Stanley said in the report.
Hero MotoCorp has fallen 4.3 percent in 2013 as of Thursday's close, compared with a 2.8 percent rise in the Sensex in the same period.
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