Bajaj Auto’s (BJAUT) Q1FY24 EBITDA margin at 19%, down 30bps QoQ, was in line with consensus estimate at 19.1%. The slight QoQ dip in margin was due to typical seasonal skew for commuter motorcycles on the back of it being the marriage season. Revenue improved 16% QoQ to INR 103bn driven by 31% QoQ volume growth in 2Ws on domestic front cushioning the weak but improving exports performance.