+
Borosil Faces Rs 131 Mn Loss in Q2 Due to Imported Solar Glass Price Cuts
POWER & RENEWABLE ENERGY

Borosil Faces Rs 131 Mn Loss in Q2 Due to Imported Solar Glass Price Cuts

Borosil Renewables, a Mumbai-based solar glass manufacturer, reported a net loss of Rs 131.27 million for the second quarter (Q2) of the financial year (FY) 2024-25, a significant decline from a net profit of Rs 304.74 million in the same quarter of the previous year. The company attributed the loss to a reduction in free-on-board prices of solar glass by Vietnamese and Chinese exporters, which had decreased by up to 32 per cent between June and September 2024.

Additionally, the price of solar-grade silicon had dropped by 80 per cent over the past year, and prices across the global solar value chain had fallen. The price of solar modules had also continued to decline, reaching a record low of 9 cents per watt as of October 31, 2024.

However, Borosil remains optimistic, noting that the imposition of a 10 per cent Basic Customs Duty (BCD) on solar glass imports, effective from October 1, 2024, along with the introduction of a provisional anti-dumping duty on solar glass imports from China and Vietnam, is expected to ease the market conditions.

The company’s revenue for the quarter also fell by 6.89 per cent year-on-year, amounting to Rs 3.78 billion compared to Rs 4.06 billion in the same quarter the previous year. Borosil’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also declined by 6.9 per cent year-on-year, from Rs 371.4 million to Rs 345.7 million.

The company’s earnings per share (EPS) dropped to Rs 0.75 in Q2 FY25, compared to Rs 1.92 in the same quarter of the previous year. Borosil’s net loss had widened by 23 per cent year-on-year in Q1, reaching Rs 142.4 million from ?115.3 million in Q1 of the previous year.

Borosil Renewables, a Mumbai-based solar glass manufacturer, reported a net loss of Rs 131.27 million for the second quarter (Q2) of the financial year (FY) 2024-25, a significant decline from a net profit of Rs 304.74 million in the same quarter of the previous year. The company attributed the loss to a reduction in free-on-board prices of solar glass by Vietnamese and Chinese exporters, which had decreased by up to 32 per cent between June and September 2024. Additionally, the price of solar-grade silicon had dropped by 80 per cent over the past year, and prices across the global solar value chain had fallen. The price of solar modules had also continued to decline, reaching a record low of 9 cents per watt as of October 31, 2024. However, Borosil remains optimistic, noting that the imposition of a 10 per cent Basic Customs Duty (BCD) on solar glass imports, effective from October 1, 2024, along with the introduction of a provisional anti-dumping duty on solar glass imports from China and Vietnam, is expected to ease the market conditions. The company’s revenue for the quarter also fell by 6.89 per cent year-on-year, amounting to Rs 3.78 billion compared to Rs 4.06 billion in the same quarter the previous year. Borosil’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also declined by 6.9 per cent year-on-year, from Rs 371.4 million to Rs 345.7 million. The company’s earnings per share (EPS) dropped to Rs 0.75 in Q2 FY25, compared to Rs 1.92 in the same quarter of the previous year. Borosil’s net loss had widened by 23 per cent year-on-year in Q1, reaching Rs 142.4 million from ?115.3 million in Q1 of the previous year.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code