Indian solar glass maker Borosil Renewables has reported net sales of around INR 644 crore ($83 million) in fiscal 2021-22, a 28% increase year on year. Profit after tax stood at around INR 166 crore, 85% up from fiscal 2020-21.
The company’s sales surged due to growing demand for solar glass in domestic and global markets. Export sales accounted for 27% of its total turnover. Direct exports constituted 20% of overall turnover.
The company, which currently has a solar glass production capacity of 450 tons per day (TPD), produced almost at full capacity during fiscal 2022 and sold out of everything it produced.
“The average gross pull of glass from our furnaces was 443 TPD on a capacity of 450 TPD,” said the company.
Net sales were also boosted by higher average ex-factory prices of tempered solar glass during the year. Average prices during the year were about INR 133 per millimeter per square meter, from INR 119 per millimeter per square meter in fiscal 2021, up 12%, said the company.
Borosil Renewables expects demand for solar glass to remain high in the domestic market, but also in export markets like Europe. It is enhancing its solar glass capacity to meet growing demand for current products and larger glass sizes. It expects to add another 550 TPD to its India factory by September, bringing its total solar glass production to 1,000 TPD. It is also focusing on additional capacity expansion in India.
In addition, Borosil Renewables has signed a deal to acquire Interfloat Group, Europe’s largest solar glass manufacturer, to capture rising demand in the European market.
“We expect a significant jump in demand for solar glass in Europe in view of the enhanced focus by the governments to reduce dependence on Russian gas and Chinese solar components. Many new module manufacturing plants are expected to be commissioned besides capacity expansions by the existing manufacturers,” said Borosil Renewables.
With the acquisition of Interfloat, Borosil Renewables aims to target solar glass customers in Europe. It plans to increase the capacity at the Interfloat plant in Europe from 300 TPD to 500 TPD within the next 18 months.
With the 500 TPD of enhanced capacity from its European operations and proposed expansion in India, the company expects to have a total capacity of 2,050 tons by the end of 2022-23. It also plans to increase its capacity to 2,600 TPD in calendar year 2025 by expanding its domestic capacity.
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