Bajaj Auto (BJAUT) Q1FY21 result was above our and consensus estimates at all parameters. EBITDA margin for the quarter stood at 13.3% vs our and consensus estimates of 4.4% and 10.6% respectively on account of lower operating expenses. We expect domestic 2W/3W industry to see a double digit decline in FY21 driven primarily by adverse impact of the COVID-19 outbreak on economic growth and discretionary spending. However stronger recovery in export market for 2W/3W segment would help BJAUT to partially mitigate the current slowdown in domestic market. We cut our volume estimates for FY21/FY22 by 5% each factoring the extended lockdown in certain...