SAIL reported a subdued Q4FY17. The company reported a loss at the EBITDA level on account of elevated operating costs Sales volumes during the quarter came in at 3.45 million tonne (MT), down 9.2% YoY, up 4.5% QoQ broadly in line with our estimate of 3.4 MT. Gross revenues came in at | 14234.18 crore. After adjusting for excise, net revenues were at | 12690.5 crore, up 11.7% YoY, 12.3% QoQ, broadly in line with our estimate of | 12390.1 crore The company reported an EBITDA loss of | 264.4 crore against our...