The decline in revenue was majorly attributed to Destocking and lower demand in the European Union and the margins have been impacted due to high-cost inventory liquidation and higher rebates to support channel partners. The company mentioned that the business will be back to normal only after Q2FY25.
We have been witnessing a bearish price trend for the company and the same is expected to continue for the time being.
The company has, at last, realized that its main priority is to reduce debt and it will raise rights issue of up to $500 Mn to repay debt and explore other opportunities to repay debt.
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