Hero MotoCorp: Despite ops returning to normal, raising volumes a challenge

Company's prospects dented by lack of firm demand trend

A weak March quarter (Q4) performance and demand worries dented the Hero MotoCorp stock, which fell 4 per cent in trade on Wednesday. The country’s largest two-wheeler maker refrained from giving growth guidance for FY21, given the gradual relaxation of the lockdown across the country and the lack of firm trends of a demand reversal. 

While the June quarter may be a near washout, volumes for Q4 were down 25 per cent year on year (YoY). Revenue fall, however, was limited to 21 per cent, given the 5 per cent uptick in realisations on account of price hikes taken to offset