Orient Paper and Industries Ltd (OPIL) reported another weak quarterly result, marred by subdued demand due to nationwide lockdown amid Covid-19. The company reported net sales of Rs806mn, down by 46.2% YoY. Negative operating leverage weighed on EBITDA at negative Rs161mn, while net loss stood at Rs174mn. Our interaction with the management suggests that writing and printing paper demand is still subdued in Q2 and there is no improvement in net sales realization as well. On a positive note, OPIL has forayed into copier paper, which should partially support sales volume going forward. The company has taken stringent cost cutting measures across the cost verticals, which would aid OPIL to tide...