Steel Authority of India Ltd (SAIL) posted numbers, which were below our as well as street estimate on all counts. The company reported a second consecutive loss on the EBITDA front which widened further. Revenue at Rs93bn fell ~21% yoy and 3% qoq as against our estimate of Rs97bn. The company reported an EBITDA loss of Rs10.5bn (Rsec estimate loss of Rs1.2bn). PAT loss at Rs10.6bn was higher than our estimate of a loss of Rs4.8bn. This steep fall in PAT was due to EBITDA loss along with lower other income, higher depreciation and increased interest costs on the back of capitalization of new facilities. PBT loss was even higher at Rs18.2bn. Realizations at Rs34,285/...