JSW Steel (JSTL) delivered very strong performance driven by sharp expansion in spreads and improving domestic demand. Consolidated EBITDA increased 28% QoQ / 56% YoY to INR49.2b (14% ahead of est.). Adj. PAT increased 46% QoQ to INR26.7b (est. INR17b). PAT is adjusted for GST gains and deferred tax asset in US, together totaling INR10.9b.