Hero Honda's Dividend Policy
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ICMR HOME | Case Studies Collection
Case Details:
Case Code : FINA005
Case Length : 11 Pages
Period : 2003 - 2004
Pub. Date : 2004
Teaching Note :Not Available
Organization : Hero Honda
Industry : Auto and Ancillaries
Countries : India
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FINA005) click on the button below, and select the case from the list of available cases:
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts
The Indian Two-wheeler Industry
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Two-wheelers had become the standard mode of transportation in many of India's large urban centers. Use of two-wheelers in the rural areas had also increased significantly in the 1990s. The birth of the Indian two-wheeler industry could be traced to the early 1950s, when Automobile Products of India (API) started manufacturing scooters in the country...
Background Note
"Hero", the brand name, which symbolized the ambition of the Munjal brothers, came into being in 1956. Brijmohan Lall Munjal (Lall), the first generation business entrepreneur of the 1950s, inspired the Hero Group with his vision of sound business governance and value driven management practices...
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Financial Management
Cost Management
Hero Honda continued to cut costs by streamlining its manufacturing activities. Ratio of operating profit before depreciation interest and tax (OPBDIT) to net sales had increased from 15.0% in 2001-02, to 16.6% in 2002-03 (despite the celebration offer', in which a cash discount of Rs.1,001 was given to each new customer)...
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Looking Ahead
The two-wheeler industry was expected to show double-digit growth in 2003-04. Rising income levels, the poor quality of public transport, declining interest rates, easier availability of loans, shortening product life cycles and the growing percentage of young population were factors that could contribute to the growth...
Exhibits
Exhibit I: Comparative Valuation of the Leading
Companies
Exhibit II: Hero Honda - Key Financials
Exhibit III: Hero Honda: Working Capital Management and Liquidity Ratios |
Exhibit IV: Hero Honda: Total Dividend Rate
Exhibit V: Performance of Hero Honda Stock vs. Competitors
Exhibit: VI
Exhibit VII: Hero Honda: Shareholding Pattern
Exhibit VIII: Hero Honda - Milestones
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