Also, in terms of trade revenues, the company has been battling headwinds in the retail book selling market, leading to a noticeable decline in the segment's performance.

Source: https://seekingalpha.com/article/4618949-scholastic-q4-performance-cautiously-optimistic-outlook?source=feed_all_articles

“Consolidation of government deficit represents a mild challenge to earnings, but more than offset by India’s improving terms of trade, which means that India will lose less earnings to firms abroad compared to the past,” Morgan Stanley said.

Source: https://indianexpress.com/article/business/economy/morgan-stanley-upgrades-india-overweight-what-it-means-8876587/