CPIL's overall plywood division volumes for Q4 grew 39.1% YoY to 77,489 CBM on account of 44.1% YoY growth in plywood and 6.7% growth in Decoply while commercial veneer declined 23.3% YoY. Plywood EBITDA margins were up 470 bps YoY at 12.8%. Laminates division volumes were up 37.9% YoY to 19,30,535 units. Revenue from this segment was up 45.4% YoY to | 150.7 crore. We expect ~15% CAGR in FY21-23 in plywood revenues to | 1477.4 crore, led by a) pent-up demand, b) benefits arising due to ViroKill technology and c) market share gain. For laminates, we bake...