Hero MotoCorp (HMCL) delivered strong Q2FY17 performance, as operating (EBIDTA) margins expanded 147bpsYoY/93bps QoQ in the quarter. Its Revenue/EBIDTA/adj PAT grew 14.5%/25%/27.7% YoY and 5.4%/11.3%/13.7% QoQ to Rs 77.96bn/Rs 13.7bn/Rs 10.04bn, as against our estimate of Rs 80.0bn/Rs 12.8bn/Rs 9.2bn in Q2FY17.