Century Plyboards (I) Ltd.'s (CPIL) Q2FY18 result was below our expectation. The company reported 4.3% YoY decrease in sales while EBITDA and PAT were down by 1% and 17.9% respectively over Q2FY17. Higher GST rate for plywood at 28% affected sales of plywood division, while growth in laminates division aided overall earnings.