Bajaj Auto (BJAUT) reported 3QFY17 results earnings were lower than our and consensus expectations. Net Revenue were above our and consensus estimates due to better product mix, higher realization in export market and recent prices hikes. EBITDA margin for the quarter stood at 19.3% vs our and consensus estimates of 19.9% and 20% due to higher other expenses (increase in CSR activities and one time software expenses of Rs280 mn and Rs200 mn respectively) whereas Adj. Pat for the quarter stood at Rs9.5 bn lower than our and consensus estimates of Rs10.3bn anRs10.7 bn due to lower other income and higher tax rate....