For Bajaj Auto (BAL), Q4 has been a relatively difficult quarter given: 1) 12% YoYdecline in volumes 2) sharp deterioration in exports mix to 40% of total from 44.7%in Q3FY23 and 60.2% in Q4FY22. The impact from this is likely to be partially offsetby improved domestic mix in favor of >125cc bikes and higher mix of 3Ws. Thecurrency (USD-INR) has largely remained stable.
