We have tweaked earnings by 1.7% for FY20E, Maintain BUY with revised TP of Rs 4,403(19x FY20E EPS). Hero Motocorps (HMCL) 4QFY18 numbers were broadly in line estimates. Net revenue stood at Rs 85.6bn (+24% YoY), on the back of 23% YoY rise in volumes (2mn units). EBITDA (Rs 13.7bn, +43% YoY/18% QoQ), with margin at 16 %(+216 bps YoY/15 bps QoQ) was supported by control and oplev benefits. Gross margin contracted by 27bps QoQ on account of higher RM prices and lower spare parts contribution. APAT stood at Rs. 9.67bn (+35% YoY/20% QoQ).