Results in line with estimates: Bajaj Auto Ltd (BAL)'s 3QFY2016 results have come in in line with our estimates. The company's revenues expectedly declined by 2% yoy to Rs5,565cr. The decline in revenues was on account of a 3% drop in volumes. Domestic volumes grew in double digits (10%) led by new product launches (Avenger and Pulsar variants) which led to market share gains. However, export volumes fell steeply by 16% yoy led by demand slowdown in Africa and Egypt markets due to slide in crude oil prices. Realisation/vehicle grew 2% yoy led by favourable currency movement (INR depreciation as against the USD). The company realized about INR 66/USD in 3QFY2016 as against INR 63/USD realized in 3QFY2015. The company's operating margin declined marginally by 70bp yoy to 21% (coming broadly in line with our estimates of 21.5%). Lower export mix and price cuts in African market to stimulate demand led to the dip in margins on a yoy basis. The operating profit at Rs1,171cr was in line with our estimate of Rs1,181cr. Other income more than doubled yoy to Rs200cr, coming in higher than our expectation of Rs165cr. The Net Profit at Rs901cr was broadly in line with our...