JSW Steel (JSWS) reported better than expected realisation and ebitda for Q1FY22. Realisation increased ~ Rs 11,765/te QoQ ( Similar to Q4 over Q3), much higher than expectations. Ebitda increased Rs 6500/te QoQ to Rs 26,291/te. Raw material costs + mining premium increased by Rs 3784/te QoQ. Increase in raw material costs also entailed increase in coking coal. While, one is tempted to extrapolate the superlative performance this result entails for an integrated player like Tata Steel, the difference in auto contracts (timing), export and other sales (like iron ore) can also determine price variation, and may not reflect in Tata. Increase in working capital led to QoQ increase in net debt (such unexpected net debt movements can be witnessed in other steel players as well). Investments into related parties (JSW Paints in particular) were a negative surprise. Maintain 'hold' with a revised target of Rs 682 (Rs 660 earlier).