Hero MotoCorp (HMCL) Q1FY21 result was above our estimates on all parameters. Revenue was higher than our estimates on account of higher realisation while EBITDA stood at Rs1.08bn vs our estimated loss of Rs1.5bn due to substantially lower operating expenses. We believe lower COVID cases in rural areas, strong rural/semi urban economy, timely monsoon and preponement of affordable personal mobility has been in favour for HMCL in these tough times. However we are also seeing urban pocket to remain under pressure due to pandemic outbreak, negative sentiment and higher unemployment which would impact HMCL urban sales. We expect consumer spending...