Steel Authority of India Ltd (SAIL) posted numbers, which were below our estimate. The company reported a third consecutive EBITDA loss which widened further in 3QFY16. Revenue at Rs89bn declined ~20% yoy and 3% qoq as against our estimate of Rs93bn. The company reported an EBITDA loss of Rs13.8bn (Our estimate loss of Rs10.3bn). PAT loss at Rs15.3bn was higher than our estimate of a loss of Rs12.9bn. This steep fall in PAT was due to EBITDA loss along with lower other income and increased interest costs on the back of capitalization of new facilities. Realizations at Rs30,825/tonne fell 21% yoy and 10% qoq, while EBITDA/tonne was at negative...