Bajaj Auto (BJAUT) reported Q1FY19 results earnings were below our and consensus expectations. Net Revenue were below our and consensus estimates due to weaker domestic realizations. EBITDA margin for the quarter stood at 17.3% vs our and consensus estimates of 19.5% each. Adj. PAT for the quarter stood at Rs11.1 bn below our and consensus estimates of Rs12.3 bn and Rs12.4 bn due to higher RM cost. Revenues grew +36% YoY/+10% QoQ to Rs74.1bn (IDBI: Rs79.2bn; Consensus: Rs77.6bn), led by growth of +38% YoY/+18% QoQ in sales volumes and -7% QoQ decline in net realizations. Sales volumes were supported by growth of +86% YoY/-20% QoQ and +39%...