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.

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?