Borosil (BOROLTD) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated revenue rose 43.6% YoY to ₹839.86 crore; PAT more than doubled to ₹85.23 crore despite pandemic disruption, input-cost inflation and exceptional losses.

• Growth was broad-based across consumer and scientific products; expansion projects and a planned separation of the scientific business underpin the next growth phase.

Financial highlights

• Consolidated revenue from operations ₹839.86 crore vs ₹584.77 crore in FY21, up 43.6%; PBT ₹122.01 crore vs ₹61.24 crore, up 99.2%.

• Consolidated PAT ₹85.23 crore vs ₹42.36 crore, up 101.2%; EPS ₹7.34 vs ₹3.69.

• EBITDA before exceptional items reached a 20% consolidated margin; EBIT was ₹120.6 crore, with a 14.4% EBIT margin.

• Exceptional items totaled ₹11.21 crore: ₹6.47 crore net loss from warehouse fire and rain damage, plus ₹4.75 crore impairment provisions.

Outlook and guidance

• Consumer glassware sales targeted to grow ~20% annually and Larah opalware ~25% over the medium term; non-glassware targeted at ~20% medium-term growth.

• Scientific and Industrial Products expected to grow 15%–17% YoY over the next three years; lab glassware market growth forecast at 6%–8%.

• Consumer expansion includes 25 TPD borosilicate pressware capacity expected to start in early FY24 and Larah capacity doubling from 42 to 84 TPD, targeted for Q3FY23.

• Klass Pack’s capacity expansion is planned in phases through FY24; full capacity could support annualized revenue of ~₹200 crore.