2 February 2019 JSPs 3QFY19 consolidated EBITDA declined 6% QoQ (+29% YoY) to INR20.1b led by a 6% decline in steel volumes in India and margin compression in Oman Steel & Jindal Power (JPL). But, the same was partly offset by improved margins in India. Interest cost declined 4% QoQ to INR10.4b, while Adj. PAT turned marginally negative at INR258m. Steel sales declined 6% QoQ (+26% YoY) to 1.2mt as prices were volatile in Dec19; due to the mix, average steel prices were higher. EBITDA per ton increased 9% QoQ to INR12,344 on higher spreads, despite steel prices weakening. EBITDA increased 2% QoQ (+61% YoY) to INR14.8b. Steel sales declined 4% QoQ to 450ktm, while production recovered to 460kt (+21% QoQ, +10% YoY), after maintenance shutdown. EBITDA per ton slid again by 27% to USD71/t on volatility in steel prices. EBITDA declined 32% QoQ to INR2.2b.