We value HMCL at Rs 4,360 (20x) vs Rs 4,250 earlier. Maintain BUY Hero Motocorps (HMCL) 2QFY18 EBITDA at Rs 14.55bn (+6.3% YoY, with 17.6% margin) was slightly above estimates, led by the benefit of operating leverage and lower other expenses. Net revenue stood at Rs 83.6bn (+7% YoY, +5% QoQ), on the back of 11% YoY rise in volumes. This was offset by lower accounting of GST incentives against excise benefits (Rs. 500mn) for the Hardwar plant, and a fall in net ASP. PAT at Rs 10.1bn (+1% YoY, +11% QoQ) was in-line with estimates.