ICICI Securities Ltd | Retail Equity Research Greenply Industries' (GIL) topline de-grew 14.9% YoY to | 358.8 crore in line with our estimate of | 364.4 crore. The revenue decline can be attributed to 10.5% YoY de-growth in revenues of the plywood & allied division to | 260.3 crore (vs. our estimate of | 266.8 crore). MDF revenues de-grew significantly by 25.6% YoY to | 95.9 crore (vs. our estimate of | 94.6 crore) The EBITDA margins contracted 203 bps YoY to 13.3%. However, it...