Greenpanel Industries’ (GREENP) consol. revenue declined 16.8% YoY in Q1FY24 as MDF revenue fell 13.2% YoY while plywood revenue was down 36.5% YoY. Blended MDF vol. declined 7.4% YoY (4-year CAGR of 10.8%) with 10.2% YoY decline in domestic volume (4-year CAGR of 17.8%) due to temporary plant shutdown, while export volume grew 3.1% YoY.