Weak Performance; Healthy Exports to Drive Bottom-line Bajaj Auto (BAL) has delivered a disappointing operating performance in 1QFY19 with its EBIDTA margin falling by 215bps QoQ (flat on YoY basis) to 17.3%. Aided by 38% YoY and 17% QoQ growth in volume to 1.2mn units, its revenue grew by 36% YoY (+10% QoQ) to Rs74.2bn vs. our estimate of Rs77.6bn. ASP declined by 1.3% YoY (-6.6% QoQ) led by poor product-mix and price rationalisation. EBIDTA growth came in lower at 37% YoY and 3% QoQ due to lower realisation. Its net profit rose by 18% YoY (+3% QoQ) to Rs11.1bn vs. our estimate of Rs13bn. Higher commodity prices and limited ability to pass on the same led to 143bps YoY and 208bps...