India-based solar glass manufacturer Borosil Renewables announced the fourth quarter (Q4) and full-year financial results for 2021-22.

The company’s net income for 2021-22 was ₹6.65 billion (~$86.38 million), an increase of 31% compared to ₹5.08 billion (~$65.99 million) in the previous year. The revenue for the year was ₹6.44 billion (~$83.66 million), a 28.2% jump from ₹5.02 billion (~$65.21 million) in the financial year 2021. The profit after tax for the FY22 was ₹1.66 billion (~$21.56 million), a rise of 86% compared to ₹890 million (~$11.56 million) in FY21

Borosil reported Q4 revenue of ₹1.7 billion (~$22.08 million), a year-over-year (YoY) decline of 10.5% compared to ₹1.9 billion (~$24.68 million) in the same period last year.

The company’s income in Q4 was ₹1.82 billion (~$23.64 million), a YoY decline of 7.61% compared to ₹1.97 billion (~$25.59 million) in Q4 of 2020-21. Borosil’s total expenses amounted to ₹1.31 billion (~$17.02 million) in Q4, a 27% increase from ₹1.03 billion (~$13.38 million) in the same period of the previous financial year. The profit after tax in Q4 dipped 30% quarter-over-quarter to ₹463 million (~$6.01 million).

The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) totaled ₹104 million (~$1.35 million) in Q4 of 2021 and remained unchanged compared to the same quarter of the previous financial year.

The company had total expenses of ₹4.45 billion (~$57.81 million) during the year, up 25.3% from ₹3.55 billion (~$46.11 million) in 2020-2021.

The total cash flow from operating activities surged 23% in FY 2021 to ₹2.46 billion (~$31.96 million), compared to ₹2 billion (~$25.98 million) in the previous financial year. The net cash generated from operations totaled ₹1.73 billion (~$22.47 million), an increase of 7.4% compared to ₹1.61 billion (~$20.91 million) in the previous year.

Last month, Borosil acquired 100% share capital of two European entities— lnterfloat Corporation and Glasmanufaktur Brandenbur — engaged in the solar glass production business, sales, and distribution, for a cash consideration and shares equivalent of €52.5 million (~$56.6 million).

Borosil Renewables’ board also approved acquiring a special purpose vehicle — Youco F22-H190 Vorrats, a limited liability company registered in Germany’s Cologne.

Earlier this year, Borosil announced that it is undertaking a brownfield capacity expansion, with a capacity of 550 metric tons which would significantly boost its capacity from 450 tons per day to 1,000 tons.

Note: The article has been updated to change the dollar value to rupee