Adj.PAT fell 5% to Rs9.3bn (est. Rs8.4bn) on the back of higher other income (up 30% YoY to Rs3.2bn). Bajaj performed reasonably well given the impact of demonetization, showing resilience with pricing as well as margins. However, long term, the company's growth potential remains the lowest within the OEM segment, and its margins could be at risk on continued 3W weakness. We retain our11.2x EV/EBIT multiple on Bajaj (now Dec'18; at a ~10% to Hero), yielding a revised TP of...