Hero MotoCorp's (HMCL) Q3FY15 performance was below estimates on operational front. Its Revenue/EBIDTA fell 0.5%/8.5% YoY and 1.1%/12% QoQ respectively. Its PAT rose 11% YoY, but fell 24% QoQ. Company's EBIDTA margins came way below our as well as street's estimate at 12% (our Est was 14%) Its Other expenses rose 8.6% YoY and 10.2% QoQ to Rs 8bn, on account of higher promotional & brand building expenses in global market, part of which is non-recurring.