JSW Steel reported a mixed set of Q3FY20 numbers. On a standalone basis, the company reported sales volume of 4.0 million tonnes (MT) (higher than our estimate of 3.6 MT). During the quarter, JSW Steel was able to liquidate a large part of the inventory that was accumulated in H1FY20. Consolidated operating topline was at | 18055 crore (up 6% QoQ, down 11% YoY), higher than our estimate of | 16777.9 crore. On the back of lower-thanexpected realisations, standalone reported EBITDA/tonne was at | 6618/tonne (lower than our estimate of | 7500/tonne). Adjusted for onetime income, EBITDA/tonne was at | 5998/tonne. Standalone EBITDA was at | 2667 crore while consolidated EBITDA was at | 2451 crore (up 8% QoQ,...