Bajaj Corp's 3QFY16 numbers were below our expectations. While net sales grew by 3.6% yoy to Rs2.1bn, it was 7% below our estimates. Net profit came in at Rs496mn, a growth of 18.5% yoy vs. our estimate of Rs507mn. Volume growth for the quarter stood at just 3% vs. our estimate of 8%. Operating margins, however, continued to remain in an uptrend as they improved 310bps to 31.8%. While we have baked in lower volume growth going forward, we believe that Bajaj Corp presents an attractive investment opportunity considering its market leadership,...