Hero Motocorp (HMCL) Q2FY22 results were above our expectations on all counts due to higher sales and operating margins. In the medium term, Management remains positive on volume growth front due to a) rural economic recovery on account of well spread Monsoon across the country and b) opening up of distribution network in urban areas. The Company has lined up huge investments and new product launches in EV segment over next few years. To factor in changing business environment, we have revised our volume and PAT estimates downwards by 10.9%/9.8% and 16.4%/12.4% for FY22 and FY23 respectively. We have also introduced FY24 estimates wherein the...