Q2FY17 Results: Revenues grew 16% YoY to Rs77 bn (vol. growth of 16%, with motorcycle growth of 12% and scooters rising 45%. Realization fell 1% as expected YoY to Rs42K/unit. HMCL's operational performance was excellent with EBITDA margins at 17.6% (est. of 15.9%), with gross margins increasing 204bps to 33.5%. OOther expenses rose 52bps, with selling expenses falling as a share of sales. PAT rose 28% to Rs10.0 bn, with a 37% increase in other income on IND-AS impact. Review: Dealer optimism along with a sharp festive base effect aided HMCL's helped boost HMCL's volume growth, although the HMCL underperformed the market due to low share in faster growing premium segments. For H2FY17, we expect volume growth of ~7%, as a high scooter base along...