In-line results: CPBI posted revenue growth of 10% YoY to INR4,058m (our est: INR4,043m). Revenue growth was 12% YoY for plywood and allied products, 3% YoY for laminates and allied products, and 35% YoY for the logistics business. EBITDA was INR683m (our est: INR736m); EBITDA margin contracted 140bp YoY to 16.8% (our est: 18.2%). EBITDA margin was 16% for plywood (v/s 18% in 1QFY16), 16.6% for laminates (v/s 17.5% in 1QFY16), and 44% YoY for the logistics business (v/s 44% in 1QFY16). PAT grew 7.3% YoY to INR431m (our estimate: INR413m). 12.5% volume growth in plywood amid tough environment: Growth was mainly...