Hero MotoCorp (HMCL) Q2FY21 result was above our and consensus estimates on all parameters. Revenue was higher than our and consensus estimates mainly on account of higher realisation while EBITDA margin for the quarter stood at 13.7% vs our and consensus estimates of 13.2%/ 13.7% respectively mainly on account of lower operating expenses. Our channel check indicates that first 10 days of festive season for retail sales was not as good as wholesale sales. We expect inventory levels at dealer's end to remain high by end of the festive season. We believe urban pocket to remain under pressure due to pandemic outbreak, negative sentiment and higher...