JSTL's performance improved substantially both on yoy and qoq basis in 1QFY17 due to better realization, higher sales volume and lower costs. EBITDA/tonne increased by 72% yoy & 57% qoq to at Rs9,276. In our view, JSTL's volume and realization would moderate while increase in raw material prices would drag margins in the near-term. Besides, exports which were at elevated levels in 1QFY17 could moderate, going forward due to fall in international steel prices. Notably, despite Minimum Import Price (MIP), the Company earned higher realization on exports to the tune of US$30/tonne...