Operating performance of Bajaj Auto (BAL) came broadly in line with our estimates with 7.4% higher-than-expected PAT owing to higher other income, while revenue and EBIDTA missed our estimate by meagre 2.0% & 3.4% in 1QFY17. We continue to appreciate BAL's strategy to focus on premium motorcycle segment and maintain its EBIDTA margin in high trajectory. Further, strong cash in books Rs107.01bn translating into Rs370/share augurs well for BAL. We upgrade our recommendation to BUY on the stock with an...