Solar Glass Maker Borosil Swings to Loss on Higher Expenses

The company's Q4 revenue rose 21% on domestic sales


Solar glass manufacturer Borosil Renewables slipped into a net loss of ₹133.7 million (~$16.5 million) in the fourth quarter (Q4) of the financial year (FY) 2024 from a profit of ₹116.9 million (~$14.4 million) last year, hurt by higher costs of materials, power, and fuel, finance costs, and depreciation expenses.

The total quarterly expenses jumped 42% to ₹2.5 billion (~$309 million) from ₹1.75 billion (~$217 million) last year.

Lower prices from dumped solar glass imports from China and Vietnam likely impacted Borosil’s earnings.

Earlier this year, Borosil alleged that imports had harmed the domestic industry, reducing capacity utilization. Additionally, pricing pressure from these imports had prevented the domestic industry from raising prices to cover costs and earn a reasonable profit.

Revenue rose 21% to ₹2.27 billion (~$281 million) from ₹1.87 billion (~$232 million) last year, helped by higher domestic sales. Sales outside of India fell 90% in the same period.

Full Year 2024

For 2024, Borosil’s revenue grew 43% to ₹9.86 billion (~$1.22 billion) from ₹6.88 billion (~$851 million) in FY 2023, driven by strong volume growth across markets.

However, the company swung to a net loss of ₹165.2 million (~$20.4 million) in FY 2024 from a profit of ₹885.4 million (~$109 million) in the previous year. The total expenses surged 75% to ₹10.29 billion (~$1.27 billion) versus ₹5.88 billion (~$727 million) in FY 2023 due to higher input costs and operational expenses.

The sharp rise in expenses outpaced revenue growth, leading to the net loss for the year. Higher finance costs of ₹262.3 million (~$32.4 million) compared to ₹743 million (~$9.2 million) in FY 2023 also weighed on profitability.

Borosil’s management highlighted plans to raise up to ₹7.5 billion (~$92.7 million) through various modes to fund growth and expansion plans.

The company’s profit in Q4 last year grew by 80%, mainly driven by higher solar glass sales and business expansions in India, Europe, and Turkey.