Key highlights from Borosil Renewables Q2FY23 concall
CMP - ₹508
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CMP - ₹508
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Basic customs duty (BCD) is not being charged on import of solar glass but solar modules and solar cells have been subjected to BCD from 1st April 2022
Union cabinet has announced PLI Scheme of INR 19,500 Crores for PV module industry
Company's expansion project at 3rd furnace got delayed due to heavy rains and is expected to start in Dec 2022. This will increase the capacity by 550 Tonnes per day which makes total capacity of 1000 Tonnes per day
Company's Margins in Q3 FY23 will remain low and in Q4 there can be a recovery in margins
The company is also backward integrating by producing their own soda ash, probably this facility will get commissioned by the end of 2024
Prices of solar glass in India are dependent on production prices in china or import prices of Chinese goods, There is a slight premium that company charges when compared to imported Chinese product price, previously it is used to be 5% currently it is around 10%
The board has approved to raise 1,100 crores via QIP in current financial year
Solar glass is only 10% of the cost of solar panel module manufacturing, Solar panel industry is working capital intensive and thus solar module manufacturers would like to have an assured supply source and thus they are ready to pay little bit of premium for domestic solar glass
player due to supply chain flexibility
Board has approved for the 4th furnace with a capacity of 1100 tonnes per day for which the company will start planning from next calendar year
Company is expecting they will get 3% operating leverage by doubling their capacity from 550 to 1000 tonnes per day
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