Hero Motocorps (HMCL) 3QFY17 EBITDA at Rs 10.8bn (-4.5% YoY) was above estimates, led by lower RM costs (control on vendor pricing) and leap programme benefit. This, along with lower other expenses (-8% YoY, -12% QoQ) resulted in a 131bps YoY rise in EBITDA margin to 17%. APAT at Rs 7.7bn (-2.7% YoY) was above estimates, led by higher other income.