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Ratnamani Metals and Tubes Ltd. reported a good set of numbers for the third quarter of FY21.

For the quarter, sales are in line with our estimates while EBITDA and profit after tax are higher than our estimates.

The good operating performance was supported by better than expected sales volumes from the stainless steel division (higher margin segment). This helped the company report healthy EBITDA margins for the quarter.

For the third quarter of fiscal 21, the company reported net operating income of Rs 441 crore, broadly in line with our estimate of Rs 448 crore.

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