Below Par Performance Retain SELL;During Q3FY19, Bajaj Auto Ltd (BAL) sales grew 25.7% YoY to Rs63.7bn, driven by 17.6% volume growth and a 0.9% increase in average realizations. EBITDA margins declined by 127bps yoy to 19.3% on account of higher CSR and one time registration charges the Company incurred during the quarter.