Borosil Renewables deliver strong Q3 results, PAT up by 18%
This solar stock has got everyone’s attention lately.
Borosil Renewables Ltd, India’s only solar glass manufacturer has been trending on Dalal Street today for its strong Q3 results. The stock price has appreciated by about 42% in the trailing three months’ time.
In Q3FY22, revenue grew by 31.24% YoY to Rs 4137.6 crore from Rs 3152.8 crore in Q3FY21. On a sequential basis, the top-line was up by 9.84%. PBIDT (exclusive of other income) was reported at Rs 831.1 crore, up by 13.52% as compared to the year-ago period and the corresponding margin was reported at 20.09%, contracting by 313 basis points YoY. PAT was reported at Rs 612.5 crore, up by 17.95% from Rs 519.3 crore in the same quarter for the previous fiscal year. The PAT margin stood at 14.8% in Q3FY22 contracting from 16.47 per cent in Q3FY21.
The company was recently trending as the government had announced the inclusion of solar module manufacturers into the performance linked incentives (PLI) schemes. The Union Budget 2022 had allotted Rs 19,500 crore to the scheme to achieve the ambitious goal of 280 GW of installed solar capacity by 2030.
Borosil Renewables is primarily engaged in the manufacturing of patterned glass that finds application in photovoltaic panels used in the solar module. The company is one of its kind in India to manufacture solar glass. The stock has been a multibagger of the year as it has generated about 150% returns. The stock has more than doubled since October 2021. It has a 52-week high of Rs 748 and a 52-week low of Rs 215.80. On February 8, 2022, the scrip closed at Rs 675.10, down by 2% on the BSE.
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