Plywood sales volumes declined 27.2% YoY at 11.1 million sq.mt. (MSM) in Q1FY21 (45.1% in H1 at 15.8 MSM) while realisations dipped 5.8% YoY to | 211/sq mt (decline of 3.1% YoY to | 215/sq mt in H1), given the product mix. GIL's own manufacturing facility is operating at 107% utilisation as of Q2FY21 (much improved from 50% utilisations in Q1). With reopening of economy and traction in metro cities, we expect the overall plywood segment to recover gradually. Additionally, it is strengthening its sales penetration via addition of dealers' network in the rural areas, which should...