Bajaj Auto reported virtually flat profits of for the Mar-20 quarter at Rs.1310 crore. However, most analysts are apprehensive that the actual impact of the lockdown may be seen only in the June quarter. Total revenues of Bajaj Auto fell by 8.15% to Rs.6816 crore. While the lockdown was to the extent of 45 days, only 8 days were accounted in the March quarter and the rest will be accounted for in the June quarter. Even its two wheeler volumes were 17% lower at 9.92 lakh units. The company sits on a fairly large cash stash of over Rs.14,300 crore. Bajaj has the advantage of a robust export franchise with more than 40% of its output exported. That has been a kind of a hedge for Bajaj Auto.