23 May 2020 JSW Steel (JSTL)s fourth-quarter result reflects the benefit of higher domestic steel prices. Derived realization improved by 7% QoQ to INR41,289/t, leading to a 45% QoQ increase in EBITDA to INR8,703/t. Rev/EBITDA/Adj PAT declined 20%/33%/32% YoY to INR179b/INR30b/INR10.4b respectively. We expect lower coking coal and domestic iron ore prices to cushion the fall in margins due to lower steel prices in FY21E and expect margins to decline 10% YoY in FY21E. Our FY21E/FY22E estimates remain broadly unchanged. INR30.3b) on lower margins and consol. PBT (before exceptional item) was Standalone (S/A) volumes declined 14% YoY (-8% QoQ) to 3.7mt due to COVID-19. Crude steel production declined 5% YoY (-1% QoQ) to 3.97mt. The share of exports declined to 13% v/s 24% in the previous quarter. INR41,500/t) on strong domestic prices and lower exports. EBITDA/t improved 45% QoQ (down 14% YoY) to INR8,703/t, led by higher realization.