Bajaj Autos 3QFY16 EBITDA at Rs 11.7bn ( 2% YoY) was slightly above our estimates aided by lower commodity prices. APAT at Rs 9bn ( 5% YoY) beat expectations by 9% led by MTM gains and lower tax outgo. With overall volumes for 3Q declining 3% YoY, Bajaj?s net sales declined by 1.6% YoY to Rs 55.7bn.