Auto and Farm Equipment Demand Pick-up Holds Key: Subdued growth and increase in steel prices reduce the QoQ margins - Sterling Tools Ltd posted marginal revenue growth of 1.1% QoQ in Q2FY17 to Rs.962 Mn, on a subdued volume growth. For STL, steel is a main cost component, which amounts to about 40% of raw material cost. The steel prices for the last fewweeks have risen, which lowered EBITDA of Q2FY17 by -1.2% on YoY basis, at Rs. 192 Mn when compared to Rs. 195 Mn in Q1FY17.