In Q3FY23, Greenpanel Industries (GREENP) reported flat consolidated revenue YoY with MDF volumes declining 2.1% YoY (-6.3% QoQ) as domestic volumes fell 7.4% YoY (-6.7% QoQ) due to rise in imports. Consolidated operating margin declined 264bps YoY (-136bps QoQ) on lower margin in MDF/plywood segment resulting in EBITDA/PAT decline of 11.1%/20.9% YoY, respectively.