ICICI Securities Ltd | Retail Equity Research Star Ferro & Cement (SFCL) reported a weak set of Q3FY17 numbers. However, they were above our estimates at the EBITDA and PAT level. SFCL's revenues declined 8.2% YoY to | 393.5 crore (vs. Idirect estimate of | 397.7 crore) led by 5.7% YoY decline in realisation to | 5,998 (vs. I-direct estimate of | 6,327) and 2.7% YoY fall in volumes to 0.66 MT (vs. I-direct estimate of 0.63 MT) EBITDA/tonne in the quarter fell 3.4% YoY to | 1,315/t (vs. I-direct estimate of | 1,077/t) mainly led by higher raw material (RM) cost/t...