Borosil Renewables shed 2.92% to Rs 550.70 after the company reported 28.8% decline in net profit to Rs 24.28 crore despite of 5.4% rise in net sales to Rs 169.26 crore in Q2 FY23 over Q2 FY22.
Sequentially, the company's net profit slipped by 19.36% while net sales declined marginally by 0.4%.The company recorded a profit before tax of Rs 32.92 crore in Q2 FY23 as against Rs 48.15 crore in Q2 FY22, down by 31.6%.
Total expenses rose 17.9% year on year to Rs 138.45 crore in the quarter ended 30 September 2022. Cost of materials consumed was at Rs 40.74 crore (up 34.5% YoY), power and fuel cost stood at Rs 37.80 crore (up 42.25% YoY) and employee benefits exepense was Rs 14.59 crore (up 42.08% YoY).
Borosil Renewables is engaged in the business of manufacturing of extra clear patterned glass and low iron solar glass for application in photovoltaic panels, flat plate collectors and green houses.
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