Bajaj Auto (BJAUT) Q4FY21 result was above our and consensus estimates at revenue and lower at EBITDA level due to higher operating cost. We expect domestic 2W/3W industry to see a double digit growth for FY22 on a low base despite 2nd wave of covid; as vaccination drive will help in bringing normalcy. We anticipate stronger recovery in export market for 2W/3W segment would help TVSL to partially mitigate any slowdown in domestic market in near term. We build our volume growth estimates for FY22/FY23 by 20%/12% respectively factoring the strong recovery in 2W/3W domestic and export market. We change our rating to HOLD (earlier REDUCE) and arrive at a TP of Rs3,730...