Bajaj Auto (BJAUT) Q3FY21 result was above our and consensus estimates at EBITDA and Adj. PAT level due to lower RM/ operating cost and higher other income. We believe as restoring life back to normalcy and business as usual; with gradual opening up of educational institutes/colleges, organic demand for 2-wheelers should progressively start coming back. We expect domestic 2W/3W industry to see a double growth for FY22 on a low base. We anticipate stronger recovery in export market for 2W/3W segment would help BJAUT to partially mitigate any slowdown in domestic market in near term. We build our volume growth estimates for FY21/FY22/FY23 by...