Q1 Results: Borosil Renewable Sees Surge In Revenues, Increase In Losses

Q2: Borosil Renewables’ Exports Accounted For 13% Of Turnover  

Indian solar glass company Borosil Renewable has now announced its financial results for the first quarter (Q1). The latest consolidated details furnished by the company revealed that during the first quarter of the financial year 2024-25, the Mumbai-based company witnessed a rise in its revenues. However increasing losses dampened its balance sheet.

The latest details for Q1 revealed that the company reported Rs 374 crore revenues during the latest quarter (Q1FY25). On the other hand, it had reported a total revenue of Rs 287 crore in Q4FY24. During the same period last year (Q1FY24), the company had reported a total revenue of Rs 362 crore. 

Thus, on a Year-on-Year (YoY) basis, the company reported a revenue growth of 3 percent. On a Quarter-to-Quarter (QoQ) basis, the company reported a growth of 30 percent. However, the rise in losses remained a concern for the company.

With New Import Duties On Solar Glass, Borosil Sees ‘Acche Din’ Ahead

Also Read

Rising losses

The company, however, continued to report net losses. During the latest quarter (Q1FY25), Borosil Renewable reported a total loss of Rs 14.23 crore. It reported a total loss of Rs 53.32 crore in Q4FY24 and a total loss of Rs 11.53 crore in Q1FY24. Thus, on a YoY basis, the company reported an increase in its losses by 23 percent. However, on a QoQ basis, the situation seems to have improved. On a QoQ basis, the company was able to reduce its net loss by 73 percent, the documents revealed. 

About Borosil Renewable 

Borosil Renewable is the renewable focused arm of the Borosil group. The company produces different types of solar glass for solar modules. It not only supplies its products for the Indian market but also exports its solar glass to other countries too. 

The firm has been facing severe competition from the cheap solar glass imported into India by several Chinese and Vietnamese companies. The firm had been demanding re-imposition of customs duty against such imports. The latest Budget announced imposition of 10% Customs Duty against such imports, providing relief to the firm.