JSW Steel (JSTL) posted result which was below our as well as street estimates due to weak sales volume and realization. On a standalone basis, EBITDA fell 44% qoq (down 59% yoy) to Rs8.8bn (our estimate Rs10.3bn). Steel sales volume at 2.55mn tonnes decreased 16% yoy and 20% qoq (our estimate 3mn tonnes) due to plant shutdowns. APAT at Rs14.5bn (up 182% yoy; up 307% qoq) was higher than our estimate due to tax credit to the tune of Rs17.9bn. PBT loss of Rs3.3bn was higher than our estimate of a loss of Rs1.8bn. Going forward, while we do see an improvement in EBITDA/tonne, on the back of lower raw material prices,...