Bajaj Auto reported a dismalQ1FY21 but along expected lines. Revenue declinedby ~60% YoY at Rs3079cr (v/s our est. of Rs 3078 cr). EBITDA came in at Rs409cr ahead of our estimates on better Gross Margins (up 460 bps YoY). EBITDA margin was at 13.3% (down ~220 bps YoY and 510 bps QoQ)