ICICI Securities Ltd | Retail Equity Research Greenply Industries' (GIL) topline declined 5.9% YoY to | 390.3 crore (our estimate: | 418.1 crore) due to the poor performance of the plywood division whose revenues de-grew 13.6% YoY to | 253.4 crore (our estimate: | 285.8 crore) due to volume decline of 11.6% Plywood & allied division volumes de-grew 11.6% to 11.1 mn square metre (MSM) (our estimate: 12.2 MSM) while MDF division volumes grew 8.9% to 49883 CBM (our estimate: 49852 CBM)...