Borosil Renewables stock declines 3% as Q4 profit shrinks
The net profit of the business has dropped 46.61 % from the prior year to Rs 88.54 crore in the current financial year.
A day after Borosil Renewable energy sources announced a 75 percent decrease in net profit year over year, to Rs 11.69 crore in the fourth quarter of the year, the company's stock price fell by about 3% in the afternoon of May 25.
The solar glass manufacturer's overall revenue for the January-March quarter was Rs 191.62 crore, up 5.09 percent year over year (YoY) from Rs 182.34 crore during the same time in 2017.
The company's net profit for the current fiscal year, measured on an annual basis, fell by 46.61 percent from the previous year to Rs 88.54 crore. In the meantime, overall revenue increased by 6.37 percent, from Rs. 664.73 in FY22 to Rs. 707.09 crore in FY23.
At 12:20 p.m., Borosil Renewables was trading 2.73 percent down on the National Stock Exchange at Rs 484.85 per share.
The company reported EPS of Rs 0.90 for the fiscal year ended March 31, 2023, a 74% decrease from Rs 3.56 for the fiscal year ended March 31, 2022.
Shares of the solar glass manufacturer have been a multi-bagger in recent years, returning 1,290 percent in the last three years.
The stock's high gain was fueled by a steady increase in net profit from FY21 to FY22. However, the corporation struggled to maintain earnings growth in FY23, as it fell quarter by quarter throughout the year.