SAIL reported remarkable turnaround in its profitability for Q3FY21, beating our and street profitability forecasts. Its EBITDA/tonne jumped 4x YoY to Rs12,235 as realization increased 11% YoY to Rs44,737/tonne. Its EBITDA increased nearly 4x YoY to Rs51 bn led by higher realizations and lower coking coal costs. Interest cost decreased by 21% YoY to Rs6.7 bn. Net profit was lower than our forecast by 37% at Rs13 bn due to higher than expected tax rate at 65%. Its net debt fell to Rs440 bn as of December...