Hero MotoCorp (HMCL) reported its Q1FY18 numbers, below our estimates on all parameters. However, margins are above Street estimates. The company reported a decent set of numbers, given the sharp margin contraction witnessed in some of its peers Revenues came in at | 7972 crore, up 7.7% YoY, up 15.3% QoQ, vs. our estimate of | 8055 crore with the miss attributable to lower-thanexpected realisations. Net blended ASPs were at | 42950 (down 1% QoQ) vs. our estimate of | 42814 Total volumes for the quarter was at 1853687 units (highest ever...