Borosil (BOROLTD) Q4 20/21 earnings summary

Executive summary

• FY21 performance held up through COVID disruption: consolidated revenue fell 8% YoY to ₹584.77 crore, while PAT rose to ₹42.36 crore from ₹35.32 crore.

• Diversified Consumer and Scientific Products businesses, rapid recovery in Scientific Products, and strong pharma-packaging demand supported resilience; online sales were the only Consumer channel to grow.

Financial highlights

• Consolidated revenue from operations was ₹584.77 crore, down 8% YoY; PBT was ₹61.24 crore versus ₹43.58 crore, and PAT was ₹42.36 crore versus ₹35.32 crore.

• Consolidated EPS was ₹3.69 versus ₹3.14; total comprehensive income was ₹42.64 crore versus ₹34.98 crore.

• Standalone revenue fell 10.8% to ₹527.23 crore; operating PBT rose to ₹50.96 crore from ₹43.88 crore, while PAT was ₹40.77 crore versus ₹41.15 crore.

• Standalone pre-finance, depreciation and exceptional-item profit was ₹91.7 crore; operating margin increased to 17.4% from 14.8%, primarily on expense rationalization.

• Standalone other income rose to ₹16.38 crore from ₹9.23 crore, mainly from investments; it included ₹5.47 crore net fair-value gains on financial instruments.

Outlook and guidance

• Scientific Products is expected to grow 10%–12% in the medium term under normal conditions; lab glassware market growth is estimated at 5%–6%.

• Consumer Products is expected to grow 15%–20% medium term in a normal environment, with potentially higher near-term growth; low domestic product penetration supports the longer-term runway.

• Near-term outlook remains uncertain amid the second COVID wave, possible stop-start lockdowns, subdued consumer confidence and constrained institutional research spending.

• Scientific growth priorities include LabQuest instrumentation, Klasspack pharma packaging and exports to the Middle East, Africa, Southeast Asia and the US.