JSW Steel’s (JSTL) Q3FY23 EBITDA was in line with consensus estimates. Key takeaways: 1) Consolidated EBITDA surged 2.6x QoQ at Rs45.5bn (down 50% YoY) owing to lower cost at standalone operations; 2) performance of overseas subsidiaries, especially Italy, improved; 3) net debt rose by Rs35bn QoQ mainly due to adverse forex movement.