JSW Steel (JSTL)'s 1QFY22 result was strong, with consol. EBITDA/PAT growing 22%/38% QoQ to INR102.7b/INR59.0b on higher steel prices. Standalone EBITDA/t was the highest ever at INR26,291. We expect margins to have peaked out during the quarter; however, overall earnings should remain strong, driven by volume growth. We raise our FY22E/FY23E EBITDA by 11%/8% to factor in better pricing. Maintain Buy....