Cost savings intact in a weak quarter| Result Update 1QFY21 Tata Metalik's (TML) long-term prospects remain intact despite a weak 1QFY21 performance on account of muted sales and realisations due to the pandemic. No relief in the fixed costs further dragged down the EBITDA margins to ~5%. We believe that although realisation will remain muted in FY21, the spreads will continue to stay buoyant due to the enormous cost savings from increased coal injection, low coking coal prices, commissioning of coke oven and captive power plant. With robust outlook on long term demand for DI pipes, massive cost savings, impeccable capital allocation...