Mumbai-based solar glass manufacturer Borosil Renewables reported a net loss of ₹131.27 million (~$1.55 million) in the second quarter (Q2) of the financial year (FY) 2024-25 from a net profit of ₹304.74 million (~$3.61 million) in the same quarter a year ago.

The company has attributed the loss to slashing of free-on-board prices of solar glass by Vietnamese and Chinese exporters by up to 32% between June and September this year.

Price of solar-grade silicon have dropped by 80% in a year and prices across the global solar value chain have fallen.

The price of solar modules continued to fall, hitting a record low of 9 cents per watt on October 31, 2024.

However, the imposition of a 10% Basic Customs Duty (BCD) on imports of solar glass effective from October 1, 2024, and the levying of provisional anti-dumping duty on imports of solar glass from China and Vietnam are expected to alleviate the market.

Borosil’s revenue for the quarter also dropped 6.89% YoY to ₹3.78 billion (~$44.78 million) from ₹4.06 billion (~$48.10 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also dropped 6.9% YoY to ₹345.7 million (~$4.1 million) from ₹371.4 million (~$4.4 million).

The company’s Earnings per share (EPS) dropped to ₹0.75 (~$0.008) in Q2 FY25 from ₹1.92 (~$0.02) in the corresponding quarter last year.

Borosil’s net loss widened 23% YoY in Q1 to ₹142.4 million (~$1.69 million) from ₹115.3 million (~$1.37 million).

1H results

In the first half (1H) of FY25, the company reported a net loss of ₹131.27 million (~$1.55 million) from a net profit of ₹304.74 million (~$3.61 million) in 1H FY24.

The company also reported a 2.08% YoY drop in consolidated revenue to ₹7.53 billion (~$89.21 million) from ₹7.69 billion (~$91.11 million).

The company’s EBITDA dropped 15.50% YoY to ₹604.8 million (~$7.16 million)  from ₹715.8 million (~$8.48 million).

Earnings per share was a loss of ₹1.74 (~$0.02) in 1H FY25 from an EPS profit of ₹1.28 (~$0.015) in 1H FY24.

The company has a combined capacity of 1,350 TPD, including the German subsidiary’s 350 TPD (2 GW) capacity.

During the quarter and half year that ended September 30, 2024, the company allotted 8,000 equity shares with a face value of ₹1(~$0.011)/fully paid-up share, which increased the paid-up equity share capital by ₹8000 (~$94.78) and the securities premium by ₹2.56 million (~$30,331.6).

In the same quarter, the company acquired a 49% stake in Clean Max Prithvi Private to procure renewable power under the captive consumption model.