Maintain BUY with TP of Rs 4,403(19x FY20E EPS). Hero Motocorps (HMCL) 1QFY19 numbers were marginally below estimates. Net revenue at Rs 88.09bn (+11% YoY) was led by 13.6% volume growth (2.1mn units), but partially offset by decline in spare parts revenue. EBITDA rose 6.3% YoY at Rs 13.8bn,with margin at 15.6% (-62 bps YoY/-35 bps QoQ). APAT stood at Rs. 9.09bn (flat YoY) impacted by fall in other income (-12% YoY) and higher tax rate.