Bajaj Auto's 3QFY22 performance came in-line with our estimates, with realization growing 12% YoY on the back of price hikes and higher exports (56% of the total volumes vs 53/54% YoY/QoQ). We remain positive on Bajaj's growth story as (1) exports are expected to drive the show in near-term, with management targeting 2.5mn units in FY22 vs a peak of 2.1mn in FY20 (2)...