New Delhi, May 21 -- Benefits of its diversified sales mix came through clearly in Bajaj Auto Ltd's March quarter performance. Even with the covid-19 led slowdown in sales, the two- and three-wheeler maker's margins zipped past estimates.

The Street cheered the performance with the stock trading 6% higher in early trade on Thursday.

At 18.4%, Bajaj's earnings before interest, tax, depreciation and amortisation (Ebitda) margin rose 185 basis points (bps) over the year-ago period. It beat Bloomberg's consensus estimates by 250 bps. One basis point is one-hundredth of a percentage point.

Analysts said multiple products and mix helped Bajaj cruise through a tough quarter. Higher three-wheeler sales, decent exports, more premium two-wheeler...