Solar glass manufacturer Borosil Renewables has reported a consolidated net revenue of INR 372.42 crore for the July-Aug.-Sep quarter of FY 2024, 7% less year-on-year compared to INR 401.66 crore for Q2 FY 2024. The company posted a consolidated net loss of INR 13.13 crore, compared to INR 30.47 crore net profit in Q2 FY 2024.
The company said exporters from China and Vietnam slashed the solar glass FOB (freight-on-board) prices by as much as 32% between June and September, bringing the domestic prices to unsustainable levels and endangering the survival. However, it says the imposition of a 10% basic customs duty on solar glass imports effective from Oct. 1, 2024 will provide some support in the selling prices and encourage domestic manufacturing of solar glass in India. The Ministry of Commerce & Industry has also proposed an anti-dumping duty on imports of solar glass from China and Vietnam. The matter is now with the Ministry of Finance. This, once implemented, will provide substantial relief to the domestic solar glass industry.
As on date, Borosil Renewables has a combined solar glass manufacturing capacity of 1350 tonnes per day (tpd), including 350 tpd in Germany. It has put on hold the proposed addition of a fourth furnace with a capacity of 1,100 tpd in 2025. The final decision will be taken after the imposition of anti-dumping duty on imports of solar glass, said the company.
Module manufacturer Solex Energy announced this week a total income of INR 273.09 crore in the first half of FY 2024-25, a 194% increase compared to INR 93.04 crore in H1 FY24. Profit after tax (PAT) reached INR 13.08 crore, a 1691% surge from INR 0.73 crore in H1 FY24.
Headquartered in Surat, SOLEX Energy has 700 MW solar module factory in Tadkeshwar, Gujarat, with further 800 MW under installation
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