MDF division shows improvement in EBITDA margins CPIL reported MDF sales volumes growth by 23% YoY to 33,271 CBM in Q2FY20. We highlight that MDF realisations grew 5% QoQ (grew 3% YoY) to | 23,342/CBM, which is encouraging. MDF EBITDA margin expanded 16.4 percentage points YoY to 22.3% in Q2FY20. This was primarily on account of drop in prices of raw materials viz. glue by 20%, operating leverage on account of higher utilisation and benefits of 3-4% price hikes taken for thick MDF by the company in Q1FY20. For MDF, CPIL has maintained higher focus...