Você está na página 1de 19

Shareholding Pattern of Hero

Motocorp Limited (HMCL) before the


end of joint venture

Particulars

Shareholding pattern (in %)

Hero Group & HUF


Honda Motors

26.21
26

Institution & Non-institution Shareholders

47.79

Total

100

Shareholding Pattern of HMCL after


the end of joint venture

Particulars

Shareholding pattern (in %)

Promoter & Promoter's Group (Hero Group)

52.21

Institutions

39.01

Others

8.78

Total

100

Acquisition of Hondas stake by


Hero Group
Hero Group acquired Hondas 26% stake (Rs. 3841.83
crores)
Hero group stake: 52.21%
Acquisition through two leg deal
New license agreements with Honda Motors
No royalty payments to Honda Motors
Purchased intangible assets like export license,
technological know-how were capitalised for 42
months

How Hero acquired Hondas stake ?


Acquisition through two leg deal:
1) Bridge Financing:
HIPL raised finance to buy Honda Motors
stake
HIPL pledged its entire stake of HMCL
(17.33%) to 3 NBFCs
2) Funding from private equity investors:
BC India Pvt. Limited & Lathe Investment
bought stake in HIPL
Fund received by Munjal Group by selling
HIPLs stake was used to repay bridge
loans

Shareholding Pattern of HMCL after


the proposed merger of HIPL with
HMCL

Particulars
Brijmohan Lall Om Prakash Partnership firm
BCIPL & other promoters group
BC India Private Investors
Lathe Investment Pvt. Ltd.
Institutions
Others
Total

Shareholding pattern (in %)


31.04
8.88
8.58
3.71
39.01
8.78
100

Revenue Target of HMCL


HMCL aims to increase annual revenue
to Rs. 5,40,000 millions by 2016-17 at a
CAGR of 17.61%
HMCLs revenue - Rs. 1,16,385.1
millions
in the first
6 months Estimated
of 2012-13
Year
CAGR (in %)
Annual
Revenue (Rs. in millions)
2012-13
2013-14
2014-15
2015-16
2016-17

17.61
17.61
17.61
17.61
17.61

282259
331958.8
390409.8
459152.8
540000

Financial Performance till 2011-12


Particulars

2011-12

2010-11

2009-10

2008-09

2007-08

Sales (in units)

6,235,205

5,402,444

4,600,130

3,722,000

3,337,142

Total revenue

239440

196880

160990

125650

105170

PAT

23780

19280

22320

12820

9680

ROA (%)

48.52

48.23

60.24

36.63

33.65

ROACE (%)

58.9

62.3

76.4

51

49

Operating Margin (%)

10.7

11.4

16.2

12.7

11.8

OPBDIT (%)

15.3

13.5

17.4

14.1

13.3

EPS (in Rs.)

119.09

96.5

111.8

64.2

48.5

DPS (in Rs.)

45.0

105.0

110.0

20.0

19.0

Dividend (%)

2250

5250

5500

1000

950

PAT Growth (%)

23.4

(13.6)

74.1

32.4

12.8

Debt-Equity ratio (%)

0.4

0.73

0.02

0.02

0.04

EVA

1677

1376

1723

835

575

Substantial increase in raw material


expenses, interest expenses &
depreciation reduced the profitability
margin
Reduction in operating margin is largely
due to an increase in depreciation &
amortisation
Rise in interest & depreciation is due to
new contract signed between HMCL &
Honda Motors

Comparative Statement of
HMCL by quarter on quarter

Particulars

Sep '12
Sep '11
(in
(in
millions) millions)

Growth
(in %)

Jun '12
(in
millions)

Jun '11
(in
millions)

Growt
h (in
%)

M ar'12
(in
millions)

Mar '11
(in
millions)

Growt
h (in
%)

Dec '12

Dec '11

Growth
(in %)

Sales

51874.6

58293.2

(11.01)

62472.8

56833.3

9.92

60349.3

53909.3

11.95

61876.2

60314.5

17.01

Total
Income

52868

59090.7

(10.53)

63517.1

57717.4

10.05

61399

54652.7

12.34

62777.2

61077.3

16.92

Total
Expenses

44682.7

49106.1

(9.01)

53104.2

48655.7

9.14

51096.8

45610

12.03

54089.7

50884.6

10.98

Operatin
g Profit

7191.9

9187.1

(21.72)

9368.6

8177.6

14.56

9252.5

8299.3

11.49

7786.5

9429.9

63.55

Gross
Profit

8185.3

9984.6

(18.02)

10412.9

9061.7

14.91

10302.2

9042.7

13.93

8687.5

10192.7

59.61

Interest

29.5

-44.9

165.7

29.3

-31.9

191.85

29.3

81

-63.83

29.6

-31.8

39.08

PBDT

8155.8

10029.5

(22.97)

10383.6

9093.6

14.19

10272.9

8961.7

14.63

8657.9

10224.5

60.1

Depreciat 2895.1
ion

2784.9

3.96

3034.8

2397.9

26.56

2804.1

2373.9

15.34

2832.3

2986.5

433.68

PBT

5260.7

7244.6

(27.38)

7348.8

6695.7

9.75

7468.8

6587.8

13.37

5825.6

7238

42.47

Tax

854.9

1208.4

(29.25)

1194.2

1116.8

6.93

1432.9

1571.7

-8.83

946.7

1107.7

40.16

Net
Profit

4405.8

6036.2

(27.02)

6154.6

5578.9

10.32

6035.9

5016.1

20.33

4878.9

6130.3

42.90

EPS (in
Rs.)

22.06

30.23

(27.02)

30.82

27.94

10.32

30.22

25.12

20.33

24.43

30.7

42.90

Volume 13%
Revenue 11%
Operating Profit 22%
Net Profit 27%

Issues faced by HMCL


Decline in sales growth:

Reasons for decline in sales & its


growth rate
Fierce competition from Bajaj &
HMSI
Heavy dependence on entry &
executive level bike segment
Few offerings & less focus on the
premium segments
Focus on declining growth market
instead of high growth market
Heavy dependence on domestic
market

Less presence in overseas


market
Exports in 3 countries
Exports - Minimal share of 2% of
net sales

Steps to overcome the


problems
Launch of new products in the
growing segments
Brand building activity
Increasing penetration in rural
areas
Searching for new export
destinations

Outcomes of the companys strategy

Losing market share


Negative growth in volume & revenues
Increasing share of revenues from rural
areas
Increasing communication

How proposed solution can be


executed in a better way?
Focus on premium bike & scooter
segment
More advertisements & promotional
activities for new products
Quick entry in the foreign market

How proposed solution can


executed in a better way?

be

More focus on premium bike & scooter


segment
More advertisements & promotional
activities for new products
Quick entry in the foreign market

Você também pode gostar