Maintain BUY with TP of Rs 3602(16x Sept-20E EPS). Hero Motocorps (HMCL) 2QFY19 numbers were broadly in line with estimates. Net revenue at Rs 91bn (+8.6% YoY) was led by 5.5% volume growth (2.1mn units) and 3% increase in net ASP. EBITDA fell 5% YoY at Rs 13.8bn, with contraction in margin (-220bps YoY/-45 bps QoQ) at 15.2% owing to delay in price hike and unfavourable product mix.