Bajaj Auto (BJAUT) Q2FY19 result was below our and consensus expectations at operating level. EBITDA margin for the quarter stood at 16.8% vs our and consensus estimates of 17.1% and 17.3% respectively. Net Revenue were above our and in-line with consensus estimates at Rs79.8bn due to weaker domestic realizations. Result Highlights and Investment Rationale Operationally weak quarter: Revenues grew +21.4% YoY/+7.6% QoQ to Rs79.8bn, led by growth of +25% YoY/+9% QoQ in sales volumes to 1.3mn. Net realizations continue to decline for Q2FY19 by -1.4% QoQ due to higher discounting in CT100...