Hero MotoCorp (HMCL) reported a strong set of Q2FY21 numbers. Total 2W sales volume for the quarter came in at 18.2 lakh units, up 7.7% YoY. Consequent net sales were at | 9,367 crore, up 23.7% YoY. Blended ASPs were at | 51,412/unit, a rise of ~15% YoY (courtesy BS-VI transition). EBITDA margins at 13.7% were down 80 bps YoY. The margin performance was impacted by a rise in raw material cost but employee and other expenses declined on a percentage of sales basis by 70 bps and 190 bps, respectively. Consequent PAT came in at | 953.5 crore (up 9% YoY). Lower...