Strong FCF generation drive fall in Net debt by 11%/Rs33bn QoQ at Rs256bn Jindal steel & Power's (JSP) Q3FY21 EBITDA beat our/consensus estimates by 5%/25% on the back of strong margins. We expect margins to further improve by Rs2,500/t QoQ, led by higher prices and stable costs. JSP reduced net debt by 33%/Rs151bn over last five years through organic route. Trajectory would sustain at Rs30bn/year for next couple of years on...