Higher production, sales volume, higher selling prices, better operational efficiencies and increased benefits of scale of operations due to expansion were cited as reasons by the Borosil Renewables Limited (BRL) management for the company's strong financial performance in Q4/2021 (quarter ending March 2021).
The Indian solar PV grade glass supplier reported a healthy Q4/2021 (quarter ending March 2021) with its annual revenues growing 106% to a total of INR 1.94 billion ($26.44 million), and by 38% when compared sequentially. There was 403% YoY growth in EBITDA of INR 1.07 billion ($14.53 million), along with 99% improvement over previous quarter.
For full financial year 2021 (FY period ending March 2021), its revenues added up to INR 5.02 billion ($68.47 million) reflecting an annual growth of over 85%, while the EBITDA shot up more than 406% over the same period.
"Import prices have begun to normalize in April/May 2021 led by a currently reduced demand pressure in China. The Company has also moderated its selling prices in tandem with landed cost of imports for its customers," the company added.
BRL claims to have more than 100 domestic customers in its kitty while securing 18% to 20% of its revenues from exports with most international business coming from Western Europe/Turkey. Management shared it is expanding outreach in geographies like Americas, Russia and MENA, while 'nurturing and growing' existing markets and adding customers.
It is also developing new segments as high performance greenhouses and building integrated photovoltaics (BIPV).
It attributed 'firm trend' internationally for both demand and selling price due to high targets of solarization of China in Q4/2021 with an increased share of glass/glass modules leading to higher demand for solar PV glass for its strong results. BRL management also acknowledged the positive impact of Indian government's encouraging scheme for local manufacturing under its calls for Atmanirbhar Bharat or self-reliant India having made an impact as preference for local sourcing gave a greater predictability.
Manufacturing capacity expansion
Sharing the financials, BRL said it is progressing work on the expansion project of 500 TPD as it has placed order for critical equipment from an unidentified supplier and that the project is expected to be up and running in Q2/2023 or Q2FY23.
By calendar year (CY 2022) the company targets to have established annual production capacity of 950 TPD, by adding a 3rd furnace with a capacity of 500 TPD by Q2 of CY2022. Further plans include scaling up to annual capacity of 1,950 TPD by CY24 with the addition of a 4th and 5th furnace with a capacity of 500 TPD per day each by Q2 of CY23 and Q2/3 CY24, in 2 phases.
Phase-1 expansion will have the new furnace with all downstream activities like grinding, coating, drilling, back printing, and tempering facilities at the same factory location in a new building, Borosil Renewables shared with TaiyangNews, and added that the additional 1000 TPD, equivalent to 5 GW, will be realized to 'meet the growing demand in India, Europe, MENA and the Americas'.
In April 2021, the glass maker said it had secured its Board of Directors' approval to expand its annual production capacity by an additional 1,000 tons per day (TPD) for an investment of INR 10 billion (see India PV News Snippets: NTPC, Borosil, ReNew, Wipro). It would be scaled up from 450 TPD capacity at its Bharuch, Gujarat plant which it enough to produce 2.5 GW solar modules annually.
Recently, BRL won the Government of India's National Award for Successful Commercialization of Indigenous Technology for its fully tempered solar glass of 2mm thickness that's used in high-power glass-glass bifacial modules, while applying its Selene anti-glare solar glass technology.