Bajaj Autos 1QFY17 EBITDA margin at 21.3% (Rs 11.7bn) was below estimates driven by an inferior sales mix (lower exports). Increments drove up employee expenses 40bps YoY. Net sales at Rs 57.5bn ( 3% YoY) were a miss on lower ASPs (-7% QoQ) in exports. APAT at Rs 9.8bn ( 2% YoY) was boosted by lower tax.