Hero MotoCorp (HMCL) Q4FY21 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 recent lockdowns announced by different states would impact wholesale demand in H1FY22 however government focus on vaccination program and unlocking 2.0 would help industry/ company to report strong numbers in H2FY22. 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 cut our...