JSW Steel (JSTL) posted an EBITDA/t of Rs 8,937/t (81.6% YoY, 67.4% QoQ) as pricing improved (Rs 32,352/t, flat YoY, 13.4% QoQ) post MIP imposition in Feb-16. Reclassification of RM supply/job work arrangement (owing to IndAS adoption) into finance leases added ~Rs 2.2bn to EBITDA, adjusting for which, it was in line with our estimates (Rs 27.6bn).