Trade Disruption due to GST Impacts Performance Trade pipeline correction in anticipation of GST roll-out coupled with weak consumer demand led to muted set of numbers for Bajaj Corp in 1QFY18. While net sales fell by 3.4% YoY to Rs2bn, reported net profit grew by 5.3% YoY to Rs550mn. Both top-line and bottom-line missed our estimates by 5%. EBITDA declined by 14.5% YoY to Rs606mn, primarily due to higher employee and other expenses during the quarter. We believe that trade disruption in wake of GST is a temporary phenomenon and expect it to correct itself in ensuing quarters. We expect the demand scenario to improve on the back of...