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
Gourav is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master’s in journalism from Jain University, Bengaluru. More articles from Gourav Mishra.
