Jindal Steel & Power (JSPL) Q2FY22 EBITDA was in line with our forecast. Its EBITDA was flat QoQ (despite domestic sales volumes increasing by 32% QoQ to 2.1 mn tonnes) on fall in pellet realizations and sharp increase in prices of coking coal. The company's volumes jumped QoQ despite sluggish demand in the domestic market as it stepped up exports. Importantly, JSPL's net debt fell by Rs41 bn QoQ to Rs112 bn and it aims to become net debt free company by FY23. Lastly, Jindal Power divestment is approved by...