We are witnessing a pick up in the domestic two wheeler business off late post the slump witnessed in Q3 due to DeMon. On the back of two back to back drought years followed by a strong monsoon in FY17, we believe that 2W segment will recover fast shrugging off the weakness of last quarter. Expected good monsoon and higher infrastructure spending from GOI are expected to be the macro drivers, while the new model launch (6 models) would be the micro drivers for Hero. Pent up demand of FY17 will be catered to in FY18E and on low base of FY17 and lower 2W penetration levels (35%) we can see a strong growth in FY18E. Hero with ~50% volumes coming from the rural markets will see demand coming from there in...