Steel Authority of India Ltd (SAIL) posted numbers, which were below our as well as street estimates on all fronts. Revenues at Rs95bn fell ~16% yoy and 18% qoq as against our estimate of Rs102bn. The company reported an EBITDA loss of Rs817mn (Our estimate of a profit of Rs4bn). It must be noted that loss at the EBITDA level was the first in over a decade. PAT loss at Rs3.2bn was higher than our estimate of a loss of Rs2bn. 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 Rs7.8bn. Realizations at Rs35,313/tonne fell 14% yoy and 4% qoq,...