Volumes at record high; lower realization drags performance Despite sales volume being at the highest level recorded in any quarter, the quarterly numbers of Steel Authority of India (SAIL) came below our estimate. It has reported EBITDA loss for the fourth time in a row, but contracted sequentially due to higher volumes. Its revenue declined ~2% yoy (+27% qoq) to Rs114bn in 4QFY16 beating our estimate of Rs109bn, due to higher sales volume at 3.8mnT (up 20% yoy & 31% qoq) v/s our estimate of 3.35 mnT. SAIL posted an EBITDA loss of Rs11.2bn (v/s our estimate Rs4.3bn loss) and incurred Rs12.3bn net loss (v/s our estimate of Rs8.7bn loss)...