Clean Science and Technology (Clean) reported results which were much below our expectations. Volumes declined by 19% YoY leading to a 20% decline in standalone revenues. The decline in revenues was on account of drop in sales volumes of established products. This was owing to sharp decline in end product pricing amid high Chinese competitive intensity. Market conditions remained very challenging amid muted demand, pricing and tariff pressures. Chinese led competition has led to sharp downward pressure on Hydroquione (HQ) and Monomethyl Ether of Hydroquinone (MEHQ) prices impacting profitability. We...