Century Plyboards (India) Ltd's (CPIL) standalone Q1FY19 numbers were in line with our estimates. Net revenue increased by 22.5% YoY, led by incremental sales from MDF division and healthy growth in the Laminates segment. EBITDA & PAT margins expanded by 219bps & 67bps YoY respectively, aided by margin improvement in Plywood & CFS segment and a sharp decline in the depreciation cost.