Century Plyboards (Century) reported a 10% y-o-y decline in standalone revenue for Q4FY2020 as the quarter was affected by COVID-19 related lockdown during last two weeks of March 2020 (which is considered the peak sales period as dealers stock up to avail annual turnover discounts). Consequently, plywood and laminate divisions registered 13.5%+ y-o-y decline in revenues. The company expects overall Rs. 90 crore loss of revenue due to lockdown. The OPM expanded by 333 bps y-o-y led by improved margins in laminate and MDF verticals. However, OPM was lower by 192 bps q-o-q which came in lower than our estimate.Further, lower interest...