JSW Steel (JSTL) reported better than estimated earnings for Q1FY22 with a beat of 7%/14% on our and consensus estimates. Higher steel margins and better performance in domestic and overseas subsidiaries drove the beat. We increase our EBITDA estimates for FY22e/FY23e by 4.7%/17.5% to factor in higher steel margins and better profitability in subsidiaries. We expect that steel prices would structurally remain elevated in medium term as a result of inevitable policy measure undertaken by China to restrict production in order to curb alarming pollution levels. Regular monitoring of...