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
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code