Kalyani Steels Ltd., continued to report strong top line in Q4FY17. Net sales stood at Rs. 35bn with a growth of ~17.8% YoY and -9.2% QoQ. EBITDA margins contracted by 351 bps to 17.1% vs 20.6% in Q4FY16, mainly due to firmed up of coking coal, coke and iron ore prices and change in product mix. However, no trading activity in Q4FY17 led marginal expansion in EBITDA margins by 20 bps on QoQ basis. Lower depreciation and interest expense (depreciation / interest expense decreased by ~30.7%/~30.9% YoY) and higher other income...