30 January 2020 BJAUTs strong operating performance in the quarter was driven by mix, RM and FX. leverage) and RM are likely to exert pressure on margins over the next 2-3 quarters. We marginally upgrade our EPS estimate but maintain our with a target price of ~INR3,373 (~16x Dec21E consol. Revenue/EBITDA/PAT grew 3%/13%/14.5% YoY to INR76.4b/INR13.7b/INR12.6b in 3QFY20. For 9MFY20, revenue was up 1% YoY, EBITDA declined 3% YoY, while PAT increased 2.5% YoY. The sequential decline is a reflection of the higher share of economy motor cycles and lower 3Ws, as well as higher consumer marketing schemes (netted-off from revenue).