Hero MotoCorp Ltd - Decent show; mgmt retains volume-margin guidance - Emkay

Reco: BUY
CMP: Rs 2085
Target Price: Rs 2250

- HMCL Q2FY14 operating performance was 7% above our and 3% above consensus estimates on a better product mix

- Management retains guidance on modest volume growth in FY14 and significant margin expansion over 3-4 years

- Broadly retain estimates; we expect volume/margin traction for HMCL to be better than auto sector peers; retain BUY.

Source : Equity Bulls

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