Borosil Renewables Q4 Results Remain Strong, Faster Growth Awaits

By Saur News Bureau/ Updated On Fri, May 6th, 2022

Highlights :

Even as QoQ numbers came out strong, numbers vis a vis corresponding quarters were lower, due to a correction in solar glass prices.
Rise in input costs like gas, soda ash will also impact profitability going ahead

Borosil Renewables Q4 Results Remain Strong, Faster Growth Awaits

India’s key solar float glass manufacturer, Borosil Renewables Limited has declared its results for Q4 of FY 2021-22, and the results have been on trend. The firm, which has enjoyed a very strong resurgence in prospects and its financials over the past two years as demand has grown worldwide, reported total income of Rs. 182.3 crores during the period ended March 31, 2022 as compared to Rs. 174.25 crores during the period ended December 31, 2021.

Net profit came in at Rs. 46.3817 crores for the period ended March 31, 2022 as against net profit of Rs. 45.73 crores for the period ended December 31, 2021.

Interestingly, on comparing the quarter numbers with the corresponding quarter last year, the firm has struggled to match those stellar numbers, mainly due to the correction in glass prices after a huge spike last year. Thus, total Q4 income of Rs. 182.3 crores during compares to Rs.196.9 crores during the period ended March 31, 2021.

The profits of Rs.46.3 crores for the period ended March 31, 2022 compare to Rs.66.8 crores for the period ended March 31, 2021.

On a comparison for the full year, Borosil Renewables has reported total income of Rs.664.7325 crores during the Financial Year ended March 31, 2022 as compared to Rs.507.6356 crores during the Financial Year ended March 31, 2021. That’s a 31% YoY growth.

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Even as the firm shows a significant share of exports in its sales at close to 25%, a major part of these is to SEZ areas within the country.

The sharp increase in natural gas prices and other inputs are likely to keep the pressure on margins up, but in the long term, thanks to structural shifts in terms of rising demand as well as higher move towards larger modules, besides bifacial modules, will drive demand for the firm. The firm’s expansion in capacity from 450 tons per day to 1000 tonnes per day is expected to be completed by the second quarter of FY 23, as per the management during its analyst call in February this year. There is also a further plan to double those numbers to 2000 tons by FY 24.

The firm has already applied for an extension to the anti-dumping duty on Chinese imports, which is scheduled to end in July.