Borosil Renewables Limited · NSE:BORORENEW
Borosil Renewables — Investor Presentation (November 2023)
27 slides from Borosil Renewables's investor presentation, Nov 8, 2023
Slide 1: Pioneering Future of Energy
Pioneering Future of Energy Solar Glass 1
Slide 2: Safe Harbour
Safe Harbour THIS PRESENTATION (PRESENTATION) IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF BOROSIL RENEWABLES LIMITED (THE “COMPANY”) OR ITS SUBSIDIARY (TOGETHER WITH THE COMPANY, THE “GROUP”). The material that follows is a Presentation of general background inf
Slide 3: Contents
Contents 1. Our Vision/Purpose & Our Group 2. Financials 3. Industry updates 4. Increasing Share of Solar in Rising Renewables 5. Our Worldwide Presence 6. Our Capacity & Growth 7. Our USP, Innovations & Constant Evolution 8. Growth Drivers & Indian Solar Module Manufacturing Industry 9. Product Por
Slide 4: Our Vision Purpose
Our Vision Purpose “To be the most Customer “Pioneering a sustainable future Centric Company” with reliability and quality” 4
Slide 5: Our Group
Our Group Borosil Group Borosil Renewables Limited Borosil Limited INDIA’s first and largest solar glass manufacturer with a One of the Market leaders in Consumer ware and Kitchen combined capacity of 1350 TPD2 (~8.5GW) appliances, scientific & industrial glassware products ~₹54801 cr Market Cap ~₹4
Slide 6: Q2/H1FY24 P&L
Q2/H1FY24 P&L Standalone Profit & Loss Snapshot Consolidated YoY QoQ Particulars Q2FY24 Q1FY24 Q2FY23 Change% Change% H1FY24 H1FY23 FY23 Q2FY24 H1FY24 Revenue 280.17 237.82 169.26 66% 18% 517.99 339.24 688.17 401.66 756.16 EBITDA 26.60 56.52 44.11 -40% -53% 83.12 95.42 176.55 37.14 71.58 EBITDA % 9.
Slide 7: Q2/H1FY24 P&L
Q2/H1FY24 P&L Notes to Quarterly Results Notes to Half Yearly Results ❖ During Q2FY24, the Net Revenue grew by 66% over the ❖ During H1FY24, the Net Revenue from Operations grew by corresponding quarter in FY23 though the Sales volumes 53% over the corresponding H1 FY23 though the Sales were higher
Slide 8: Industry Updates
INDUSTRY UPDATES DISRUPTION DUE TO FALL IN PRICES ACROSS SOLAR MODULE VALUE CHAIN GLOBALLY • The prices of Solar grade Polysilicon in China dropped by a whopping 78% from RMB 303/ kg in Nov’22 to RMB 67/ kg in Jul’23 although the same recovered to RMB 87/kg in October’23. • Huge capacity additions b
Slide 9: Falling prices across the solar module value chain
Falling prices across the solar module value chain Polysilicon (RMB/ Kg) Mono Perc cell - 182mm (USD/ Wp) 303 303 303 295 0.17 0.17 0.17 0.17 255 0.15 0.15 230 0.14 0.14 208 179 118 0.12 150 80 68 66 0.12 0.10 0.10 0.09 Monofacial Module - 182mm (USD/ Wp) 3.2 mm coated PV Glass (USD/ sqm) 0.27 4.00
Slide 10: Increasing Share of Solar in Rising Renewables
Increasing Share of Solar in Rising Renewables ➢ Out of the total installed power generation capacity of 425 GW as of Sep’23 in India, the share of Total Installed Power Generation Capacity renewables has reached 31% (132 GW). The share of solar (72 GW) has further increased to in India 425 GW as of
Slide 11: Our Worldwide Presence
Our Worldwide Presence • Netherlands • Bulgaria • Germany • Turkey • France • Jordan • A Global Presence with products matching international • Portugal • Greece standards and quality requirements with over 25% of • Italy • Croatia revenue coming from exports USA Canada India • Largest Manufacturer
Slide 12: Our Capacity (TPD)
Our Capacity (TPD) Furnace 1 Furnace 2 7.5x Over 5 Years 1350 550 Germany Furnace 1 Furnace 4 750 300 350 450 450 450 240 240 240 240 240 180 180 210 210 210 210 210 CY18 CY19 CY20 CY21 CY22 As on date Tonnes per day (TPD) 12
Slide 13: Capacity Planning
Capacity Planning Combined Installed Capacity (TPD)-Projected CY18 CY 20 CY 22 CY 23 & 24 Est CY 25 2450 TPD Combined Solar Glass 180 TPD 450 TPD 750 TPD 1350 TPD Capacity Planned 2450 TPD Rebuilt 1st Acquired Addition of 3rd The proposed (〜16 GW) furnace with Interfloat Group furnace with a expansi
Slide 14: Our Growth
Our Growth BRL’s journey has been marked with innovation and firsts in the industry… 3rd furnace with 550 TPD capacity: commissioned in Q4 FY23 Acquisition of 86% stake in Interfloat group, Europe’s largest solar glass manufacturer BRL sets up India's first and only solar glass production line with
Slide 15: Our USP
OUR USP HIGHER TRANSMISSION ENGINEERED FOR LONG TERM DURABILITY • • • ENHANCED MECHANICAL STRENGTH • • • BOROSIL’S FULLY TEMPERED GLASS IS SAFER AND STRONGER • • Wavelength range (nm) Supplier 380-780 380-1100 380-2500 BOROSIL 91.76% 91.68% 91.31% Company X 91.73% 91.51% 91.00% Company H 91.74% 91.5
Slide 16: Our Innovations
OUR INNOVATIONS INNOVATIONS: NEW PRODUCTS UPGRADING EXISTING PRODUCT LINES • • • • • • • • • • • • 16
Slide 17: Constant Evolution
CONSTANT EVOLUTION Products designed to align with changing demands and emerging needs Solar PV market is moving towards use of bifacial modules and glass-glass modules which has accelerated the use of thinner solar glass to optimize module weight Growth of bifacial modules Growth of Glass-Glass mod
Slide 18: Growth Drivers
Growth Drivers National Solar Mission PLI Scheme National Tariff Policy Targets of 280 GW installed solar Total Production Linked Incentive (PLI) granted Enforcing the Renewable Purchase Obligation targets capacity to be achieved by 2030. Need in two tranches is about Rs. 18,500 Cr. This to promote
Slide 19: Indian Solar Module Manufacturing Industry
Indian Solar Module Manufacturing Industry • India has a solar module manufacturing capacity of around • Further large investments in domestic manufacturing The 38 GW as of Sep’23 leading module manufacturers/ developers are continuing with a long term view on the sector • In FY23, the output of the
Slide 20: Product Portfolio
Product Portfolio MARKET SEGMENTS ADDITION OF VALUE ADDED PRODUCTS • High-Performance Solar Glass for • Utility-scale ground solar PV • Shakti / Clear : High Efficiency Matt – • High-Performance Green House Matt Finish • Solar Rooftop • Selene / Deflect : Anti-Glare Solar • Bifacial, Glass-glass, BI
Slide 21: Eco-Conscious Innovators
Eco-Conscious Innovators • Efficient and cost-effective, low Energy Intensive Process • The Company has a 22% lower carbon footprint in comparison to the default score for glass manufacturing in Life Cycle Assessment. This value is the best value so far for glass manufacturing as per a very reputed
Slide 22: ESG Journey
ESG Journey Our strategic ESG priorities Our Actions in FY24 • Plans to undertake GHG monitoring and • Aim to achieve Carbon neutral operations inventorization to track emissions • Explore waste management • Increase the ratio of sales in reusable opportunities packaging material and exploring furth
Slide 23: Awards & Accolades
Awards & Accolades 2023 2023 2023 Mr. P. K. Kheruka received Great Place to Work Top Exporter Award prestigious EY entrepreneur of the Mar 22 to Mar-23 from CAPEXIL for FY21-22 year award in a category-2023 2022 2021 2021 17th FGI AWARDS for EXCELLENCE National Award AIGMFs in the category of “Outst
Slide 24: Shareholding Pattern
Shareholding Pattern Shareholding Pattern Borosil Renewables Limited Stock Price BSE (₹) Public & 600 500 Others, 400 33.53% 300 200 100 0 Promoter & Promoter Group, 61.61% DII, 0.46% ₹5480 Market Cap cr FII, 4.40% BSE: as on 6th Nov’23 As on 30th Sep 2023 24
Slide 25: Board Of Directors
Board Of Directors 41 years of experience in He is an I.A.S. (Retd.) and has a various industries in career spanning 40 years in the Industrialist having Rich techincal, production, Indian Administrative Service experience in the Glass projects and General Industry Management P.K. Kheruka V. Ramaswa
Slide 26: Key Abbreviations
Key Abbreviations PA : Per Annum ADD : Anti-dumping Duty GWh : Gigawatt-hour INR : Indian Rupee PAT : Profit after tax ARC : Anti-Reflective Coating IP : Intellectual Property PBT : Profit before tax AS : Anti-soiling IPO : Initial Public Offering PID : Potential Induced Degradation BCD : Basic Cust
Slide 27: Thank You
Thank You INVESTOR RELATIONS [email protected] Tel: +91 22 6740 6300, Fax: +91 22 67406514 Registered/Corporate Office 1101, Crescenzo, G-Block, Opp. MCA Club, Bandra Kurla Complex, Bandra (East), Mumbai-400 051 27
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