Hero Motocorps (HMCL) 2QFY17 EBITDA at Rs 13.7bn ( 25% YoY) was above est led lower commodity costs and leap programme benefit (130bps in 1H). This alongwith lower ad spends (2.2% of sales in 1H) resulted in 100bps QoQ rise in EBITDA margin to 17.6%. APAT at Rs 10bn ( 28% YoY) was above estimates led by higher operating leverage.