Bajaj Auto (BJAUT)’s Q2FY24 EBITDA margin at 19.8%, up 80bps QoQ, was higher than Street’s estimate of 19.4%. The increase in margin was due to lower commodity cost and better product mix. BJAUT expects to drive profitable growth ahead via: 1) growth in 125cc+ segment; ii) sustaining 80%+ market share in ICE 3Ws and expanding furtherin e3Ws; iii) steady export recovery across markets; iv) expanding Chetak to >10k units per month; and v) scaling up Triumph/KTM in India/exports.