Reported PAT at Rs11.2bn vs. Our Estimate of Rs9.96bn Revenue declined by 0.4% yoy to Rs60.5bn (vs. our estimate of Rs60.0bn) owing to better product-mix, given 2.3% yoy decline in volume. Backed by better Pulsar volumes, higher three-wheeler exports and improved spare parts revenue, BAL's ASPs improved by 1.5% qoq. EBITDA dipped by 1.5% yoy to Rs13.0bn, but topped our estimates by 7.0%. With improved product-mix, the EBITDA margin rose by 90bps qoq to 21.4%, while dipped by 30bps yoy due to 30bps yoy contraction in gross margin. Other income rose by 27.6% yoy to Rs3.4bn, which is 36.8% above than our estimates. With healthy performance on...