Hero MotoCorp (HMCL) Q2FY19 results were in-line with our and consensus estimates on operating level. EBITDA margin for the quarter stood at 15.2% vs our and consensus estimates of 15.3% and 15.5% respectively. Operating performance in-line: Revenue grew +9% YoY/+3% QoQ to Rs90.9bn. Revenue performance were driven by volume growth of +6% YoY/ +1% QoQ to 2.1mn. Net realization grew +3% YoY/+2% QoQ to ~Rs42.6k. Spare part business grew 24% QoQ to Rs7.1bn. RM cost for the quarter increased +10% YoY/+2% QoQ to Rs62.9bn. Company has taken a price hike of Rs500 to offset the commodity cost. Company has taken another...