The Borosil Renewables stock has had an incredible run. It is up 12 times over the last 16 months. The company is the only solar glass manufacturer in India.
Pradeep Kheruka, Chairman, Borosil Renewables, in an interview with CNBC-TV18 shared the outlook for the company, going forward. He said not only are they the only manufacturers of solar glass in India but are also the largest non-Chinese-owned solar glass manufacturers in the entire world.
Throwing more light on the second quarter numbers, Kheruka said, it was a vibrant quarter and demand was strong. Prices had fallen between Q1 and Q2 but they have firmed up again by the end of September. Prices had fallen by about 18 percent but are up again by about 18-20 percent now.
“Demand too is not ebbing, it is robust. Our exports have nearly doubled this year, compared to last year. Our exports are mainly to the European Union, or countries supplied by the European Union like Turkey and Russia. So, our glass is very well accepted around the world. We rank high in quality, and we are competitive,” he said, adding that they are currently producing about 450 tonnes per day, which is equivalent to about 2.5 gigawatts (GW) worth of panels.
Also Read
We are going to go ahead with our expansion which is already underway, and we should see glass coming out in the second quarter of the next financial year in commercial production, he said and with that, we will be going up by about 120 percent or thereabouts from the existing production levels. Come January, we will be starting work on our next furnace. The one which is currently underway, is SG3, and SG4 is the next furnace of similar size, on which we expect to start work in January of 2022, Kheruka added.
He further said, “We have a very robust production base in India now, of about 11 GW of solar modules versus our 2.5 GW of capacity, and 5 GW going forward. So, there is more than enough module manufacturing going on in the country.”
For the full interview, watch video
(Edited by : Thomas Abraham)
First Published: Oct 22, 2021 4:39 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
