ICICI Securities Ltd | Retail Equity Research SAIL's Q3FY17 numbers were above our estimates. The better-thanexpected performance was primarily driven by higher-than-expected realisations. Blended realisations increased ~10% QoQ, higher than our expectation of an increase of ~7% Sales volumes during the quarter came in at 3.3 million tonne (MT), up 13.8% YoY, down 8.3% QoQ marginally higher estimate of 3.2 MT. Gross revenues were at | 12619.7 crore. After adjusting for excise, net revenues were at | 11298.2 crore, up 26.4% YoY, 0.6% QoQ and...