Bajaj Auto (BJAUT) Q2FY22 PAT was above our estimates on account of higher than expected EBITDA margins and higher average per unit realizations. We expect domestic 2W market to remain soft in Q3FY22 and likely to post recovery during Q4FY22 while export market continues to show improvement for BJAUT. The Company is anticipated to face margin pressure during Q3FY22, due to high raw material prices. To factor in weakness in domestic 2W market and raw material cost inflation, we revise our Sales and PAT estimates by -1.9%/-12% and -1.2%/-11.2% for FY22E and FY23E respectively. The Company is expected to report EPS of Rs201 and Rs224 for FY23 and FY24...