SAIL's Q1FY22 result was ahead of our expectations; EBITDA and PAT was 19%/22% higher than our forecast. Its EBITDA/tonne jumped to Rs19,728 as blended realization increased 51% YoY to Rs62,045/tonne. Overall, EBITDA increased to Rs66 bn compared to EBITDA loss of Rs4 bn in Q1FY21. However, the company has cut its FY22 sales volume guidance to 16.5 mn tonnes from 18 mn tonnes guided in Q4FY21....