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

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

Indian solar glass manufacturer Borosil Renewables claimed that the export sales of its solar glass products accounted for 13 percent of its total turnover in the latest quarter (Q2FY25). The company said that the share of its export sales has increased from the preceding quarter (Q1FY25).

“Export sales, including those to SEZ customers, amounting to INR 34.39 Cr in Q2FY25, accounted for 13% of the turnover, compared to INR 22.42 Cr in the preceding quarter when exports made up 9.3% of turnover,” the company said in its investors presentation.

The company, which suffered losses during the last quarter said that its financial positions have improved compared to its last quarter of Q1FY25. The firm attributed the improvement due to ts efficient production.

“Overall, the Company’s performance has shown improvement compared to the immediately preceding quarter. The Total sales during Q2FY25 grew by 9.75%, inching upto INR 264.94 cr from INR 241.40 Cr in the preceding quarter. The improvement in the EBITDA performance was greater, with INR 52.88 Cr representing 20% up from 12.3% in the previous quarter. This improvement was driven by an increase in production efficiencies and a rise in ocean freight for imports which allowed us to charge higher selling prices,” the company said.

The company achieved a Profit after tax of INR 12.62 Cr in Q2FY25, compared to a post-tax loss of INR 3.64 Cr in the preceding quarter. The company has now also planned to raise funds upto Rs 450 crore by Rights issue on equity shares.

“The Company on 10th June 2024 had filed a draft letter of offer (DLOF) to SEBI to raise funds upto INR 450 Crs by a Rights Issue of equity shares. The proceeds are proposed to be utilized mainly to reduce the debt for the Indian operations as well as at the overseas operating subsidiary,” the firm said in a statement. On the other hand, the firm’s demand for anti-dumping duty against Chinse solar glass imports has been endorsed by the investigation wing of the Ministry of Commerce which found the petition of Borosil Renewables in the case factual.