Q2 top line excels, margins below expectations Bajaj Auto posted a mixed bag of numbers in Q2 FY19, though volumes in the quarter grew by a handsome 25% yoy and 9.2% qoq to its highest ever quarterly volumes of 1.34 mn units. Despite such a strong show, the realizations dropped by 3% yoy and 1.3% qoq to 58,470/unit. This was a result of adverse product mix where the company sold more volumes of CT 100 and Platina belonging to the mass/M1 segment. This was due to company's strategy of gaining market share in the M1 segment by providing heavy discounts and subvention schemes. As a result of this, EBITDA margins touched lows of 16.8% also thanks to the RM price growth. RM costs as a % of...