Subdued Performance; Healthy Exports to Drive Bottom-line Bajaj Auto (BAL) has delivered a subdued operating performance in 2QFY19 with its EBIDTA margin contracting by 292bps YoY and 46bps QoQ to 16.8%. Aided by 24% YoY and 9% QoQ growth in volume to 1.33mn units, its revenue grew by 21% YoY and 7.8% QoQ to Rs78.3bn vs. our estimate of Rs81bn. ASP declined by 2.2% YoY (-1.4% QoQ) led by poor product-mix and price rationalisation. EBIDTA growth came in lower at 3.4% YoY and 5% QoQ due to lower realisation, while PAT increased by 4% YoY and 3% QoQ to Rs11.5bn (vs. our estimate of Rs11.8bn). Higher commodity prices and limited ability to pass on the same led to 327bps YoY and 98bps QoQ...