JSW Steel (JSW) reported highest ever EBITDA (beat to our estimate) of Rs102 bn (+6.7x YoY) in Q1FY22. Improvement in product mix and increase in usage of captive iron ore led to EBITDA beat. JSW's domestic automotive sales increased by 5x YoY, while India's automotive production grew by 3x YoY in Q1FY22. Overall, its sales volumes were higher by 29% YoY to 3.6 mn tonnes but fell 11% QoQ as second wave of Covid-19...