In Q1FY24, SPL revenue from operation stood at INR 12,251 Mn, which de-grew by 11.7% QoQ and declined by 17.5% YoY. The decline in revenue is mainly attributable to correction in the price of Styrene Monomer which is the primary raw material. The correction in raw material prices led to destocking of inventory at the industry level and resulting into a dip in production volumes.