Indian solar glass manufacturer Borosil Renewables has announced financial results for the first quarter (Q1) of fiscal year (FY) 2023.
The company reported revenue of ₹1.69 billion (~$21.31 million) for the first quarter of fiscal 2023, an increase of 25% compared to ₹1.36 billion (~$17.14 million ) in the same period last year. On a quarter-to-quarter (QoQ) basis, the company was down marginally, down 5% from £1.79 billion (~$22.56 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) were ₹513.1 million (~$6.47 million), down 25% year-on-year compared to ₹681.9 million. Figures were down 18% compared to £624.3 million (~$7.87 million) in Q4 2022.
The lower EBITDA in the first quarter was mainly due to increasing costs for raw materials, energy and packaging materials, which could not be fully passed on due to market conditions. The selling prices ex works were increased compared to the previous quarter, but were below those of the corresponding quarter of the previous year.
In the first quarter of 2023, the company had net sales of £1.7 billion (~$21.43 million), a 25% increase over the corresponding quarter last year. Average ex-factory prices for tempered solar glass were slightly lower during the quarter than in the same quarter last year.
The Borosil Group reported net sales of $196 million (approx.
The company reported profit after tax of £301.1 million (~$3.79 million), down 24% compared to £396.2 million (~$4.99 million) in the same period last year. It was also down 34% compared to £463.8m (~$5.85m) in the fourth quarter of fiscal 2022.
The company said the solar PV market is moving toward bifacial, glass-to-glass and frameless modules. To achieve the optimal module weight, the solar PV market used thinner glass.
The Company plans to add the fourth 1,100 ton/day furnace (expected to start up in Q3 2024). The expansion plan will be launched before the end of fiscal year 2022. This will result in higher production and better efficiency due to a larger kiln. While the estimated cost increases, there will be additional production capacity.
In April this year, Borosil Renewables announced the acquisition of 100% of the share capital of Interfloat Corporation and Glasmanufactur Brandenburg (GMB), which are active in the manufacture, sale and distribution of solar glass in Europe, for cash and share consideration of € 52.5 million (~$56.6 million).
The company said on July 31, 2022, a glass leak occurred in the area of the melting section of the furnace at GMB’s solar glass manufacturing facility in Tschernitz, Brandenburg, Germany.
The Company’s Board of Directors reviewed the developments at its meeting on August 05, 2022 and decided to defer the closing of the transaction pending its assessment of the damage and its impact on the proposed transaction.
The company’s net income for FY2022 was £6.65 billion (~$86.38M), up 31% compared to £5.08 billion (~$65.99M) last year . Revenue for the year was £6.44 billion (~$83.66 million), a 28.2% jump from £5.02 billion (~$65.21 million) in fiscal 2021.
Rakesh Ranjan is a reporter at Mercom India. Before joining Mercom, he worked in many roles as Business Correspondent, Associate Editor, Senior Content Writer and Sub-Editor at bcfocus.com, CIOReview/Silicon India, Connect Communication and Bangalore Bias. Rakesh holds a bachelor’s degree in English from the Indira Gandhi National Open University (IGNOU). More articles by Rakesh Ranjan.