Jindal Saw Ltd (JSL), offering total pipe solutions including high grade Submerged Arc Welded (SAW) pipes, Ductile Iron (DI) pipes and seamless pipes has reported numbers which are in line with our estimates. The PAT growth of 11.1% was achieved despite a drop of 2.9% in EBIDTA / ton. Revenues on the other hand were down 24.1% at Rs 1,139.3 crore on account of fall in average realizations by 30.3% across all product categories.