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

14 Nov 2024 CW Team

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.

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..