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.
