ICICI Securities Ltd | Retail Equity Research Hero MotoCorp (HMCL) reported Q2FY17 numbers that were higher than our estimates on the operational front. Revenues at | 7796 crore, up 14.5% YoY, 5.4% QoQ, were below our estimate of | 8198 crore, mainly on account of lower than estimated realisations Total volumes for the quarter were at 1823498 units, up 16% YoY, 4.5% QoQ. Motorcycle volumes (1572607 units) rose 15.8% YoY, 3% QoQ, while scooter volumes (250891 units) grew 45% YoY, 15%...