Bajaj Autos 3QFY17 EBITDA margin at 20.6% (Rs 10.4bn) was above estimates driven by higher net ASP (owing to better export realisation and higher share of Platina vs CT100 in the volume mix). Net revenue came in at Rs 50.6bn (-8.7% YoY) owing to fall in volume (-10.6%YoY). However, this was marginally offset by ASP growth of 2%YoY.