EBITDA margin recovers from multi-quarter low: EBITDA came in flat YoY at INR13b (in-line), implying EBITDA margin of 19.7% (-170bp YoY, +250bp QoQ; est. of 19.1%). Lower-than-estimated RM cost and lower staff cost boosted the operating performance. The impact of lower other income was diluted by a lower tax rate. Adj. PAT declined 1% YoY to INR11.1b (est. of INR11.2b). Management commentary: (a) Company expects domestic motorcycle industry growth at 8-8.5% in FY18, with BJAUT's domestic motorcycles growth at ~3% (+20% in 2HFY18). (b) Recent launches of CT100 ES, Platina and Pulsar...