EBITDA margins contracted 290 bps YoY to 13.1% (our estimate: 15.4%) due to a 300 bps contraction in the plywood division to 9.1 Net profit contracted significantly by 22.0% to | 32.6 crore (our expectation: | 39.8 crore) due to EBITDA margin contraction The board has recommended a dividend of | 0.6/ share for FY18 De-merging MDF business, Rudrapur plywood unit into Greenpanel The board has approved the de-merger of GIL's MDF business (both north plant and upcoming south plant), Rudrapur plywood unit, wood floors...