Volumes surprise positively; Lower costs save the day Steel Authority of India Ltd (SAIL) reported decent numbers during the quarter under review. Sales volume at 3.56mn tonnes was considerably higher than our estimate of 2.9mn tonnes, largely due to higher exports. The company posted an EBITDA/tonne of Rs313 (our estimate loss of Rs368), the same was largely aided by adoption of IND-AS, which led to downward revision of many costs due to capitalization effect. Realization at Rs31,497/tonne fell 8% yoy and 5% qoq and was only marginally lower than our estimate of Rs31,843. EBITDA at Rs1.1bbn was aided by lower costs. SAIL reported an adjusted...