ICICI Securities Ltd | Retail Equity Research Greenply Industries' (GIL) topline remained flat YoY (down 0.3%) at | 446.6 crore. However, it was above our estimate of | 407.2 crore on account of the strong performance of MDF division. MDF revenues grew 8.3% YoY to | 137.7 crore (our expectation: | 110.4 crore) EBITDA margins expanded 155 bps YoY to 16.0%. It was above our expectation of 14.9% mainly on account of strong performance in the...