Hero MotoCorp (HMCL) Q3FY21 result was above our and consensus estimates on all parameters. Revenue was higher than our and consensus estimates mainly on account of higher realization, favorable product mix and higher spare part revenue. We believe positive macro factors, vaccination program in place, more cities opening up are improving sentiments for good retail demand. We expect domestic 2W industry to see a double growth for FY22 on a low base. We do not expect any significant improvement in export sales for HMCL and wait for turnaround. We build our volume growth estimates for FY21/FY22/FY23 by -10%/+15%/+12% factoring the strong recovery in 2W...