Maintain BUY on HMCL with target price of Rs 4,360. Hero Motocorps (HMCL) 3QFY18 numbers were broadly in line estimates. Net revenue stood at Rs 73bn (+15% YoY), on the back of 16% YoY rise in volumes (1.7mn units), offset by 1% fall in net ASP. EBITDA stood at Rs 11.6bn (+7.2% YoY, with 15.9% margin).Margin contracted 110bps YoY led by fall in ASP, lower tax incentives for Haridwar plant and higher marketing spends. APAT at Rs. 8bn (4.3% YoY, in line estimates) impacted by lower other income (-16% QoQ).