Borosil Renewables stock declines 3% as Q4 profit shrinks

The share price of Borosil Renewables dropped nearly 3 percent on May 25 afternoon, a day after the company reported a 75 percent year-on-year drop in net profit at Rs 11.69 crore in the fourth quarter.

The solar glass manufacturer’s total income for the January-March quarter stood at Rs 191.62 crore, a year-on-year (YoY) growth of 5.09 percent from Rs 182.34 crore in the corresponding period last year.

On an annual basis, the net profit of the company slumped 46.61 percent from last year to Rs 88.54 crore in the current fiscal year. Meanwhile, the total income grew 6.37 percent to Rs 707.09 crore in FY23 from Rs 664.73 in FY22.

At 12:20 pm, Borosil Renewables was trading 2.73 percent lower at Rs 484.85 on National Stock Exchange.

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The company reported EPS of Rs 0.90 for the period ended March 31, 2023, declining 74 percent as compared to Rs 3.56 for the period ended March 31, 2022.

Shares of the solar glass maker have been a multi-bagger in recent years, churning out a whopping 1,290 percent returns in the past three years.

The strong surge in the stock came on the back of a consistent rise in its net profit from FY21-FY22. However, in FY23, the company struggled to sustain its profit growth as it declined quarter-by-quarter throughout the fiscal.

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