India’s key solar float glass manufacturer, Borosil Renewables' March 2022 quarter net profit fell to Rs 46.38 crore against Rs 66.87 crore in the year-ago period, mainly due to lower revenues.
The total income declined to Rs 182.33 crore in the quarter under review while its net profit rose to Rs 165.84 crore in 2021-22.
“We have had an explosive increase in prices of gas, electricity, soda ash and other raw materials that we use. I have never experienced this kind of explosion in the cost of inputs. A resultant increase in the selling price will be seen,” said Pradeep Kheruka, Chairman at Borosil Renewables in an interview with CNBC-TV18.
“The entire cost push which we have seen in the first quarter of this calendar year cannot be sustained by any company in the world. So they have to increase prices to stay afloat. Therefore, I see that selling prices are likely to rise,” he added.
The company is engaged only in the business of manufacture of flat glass, which is a single segment in terms of Indian Accounting Standard Operating Segments (lnd AS-108).
For the full interview, watch the accompanying video
(With inputs from PTI)