Dismal Show Continues; IND-AS Saved the Day Steel Authority of India Ltd. (SAIL) once again reported subpar numbers both on volume and realization fronts. Its EBITDA/tonne at Rs835 (vs. our estimated loss of Rs1,033), was largely aided by adoption of IND-AS, which led to downward revision of several costs owing to capitalization effect. Its sales volume rose by 4% yoy to 2.8mnT (-down 26% qoq) lower than our estimate of 3mnT. In contrast, its realization at Rs32,993/tonne fell 6.2% yoy (+10% qoq), marginally higher than our estimate of Rs32,679. Aided by lower costs, its EBITDA surged 164% yoy to Rs2.4bn post revision of 1QFY16 numbers...