Company continued to deliver strongly on debt. Net debt fell 4% QoQ/Rs14bn to Rs376bn due to higher FCF generation and proceeds of Rs5bn from conversion of options to shares by promoters. Management expects to maintain Q1 EBITDA margins in domestic steel operations due to lower fall in realisations (due to its better mix inclined towards Rails, structural and beams) than market, offset by reduction in iron ore and coal cost. Street remains doubtful on JSP's ability to generate ample FCF to meet its...