Hero MotoCorp (HMCL) Q1FY19 PAT was below our and consensus estimates mainly on account of higher tax outgo led by expiry of Haridwar tax benefit. EBITDA margin stood at 15.6% below our and consensus estimates of 16.0% and 15.9% due to higher RM cost. Earnings below estimates: Revenue grew 10.4% YoY to Rs88bn, after adjusting accrued Haridwar GST accounting the underlying revenue growth of 14.9%. Other operating income declined 35% QoQ to Rs1.79bn. Revenue performance were majorly driven by volume performance as volumes grew +14% YoY/+5% QoQ to 2.1mn units. Net realizations were down -2.8%YoY due to GST factor and -2.2%QoQ due to lower other...