Total income climbs 34% YoY; board proposes ₹500 crore fundraising and leadership transition
New Delhi, May 10 – Borosil Renewables reported a significant reduction in its consolidated net loss to ₹29.52 crore for the quarter ended March 31, 2024, aided by a surge in revenue. The company had posted a net loss of ₹53.32 crore in the same period last year.According to the company’s regulatory filing, total income rose to ₹385.44 crore during the March quarter, up from ₹287.83 crore a year ago, reflecting a 34% year-on-year increase. The growth was primarily attributed to improved operational performance and stronger market demand.
In a strategic move to bolster its financial flexibility, the board has approved a proposal to seek shareholders' approval to raise up to ₹500 crore. The enabling resolution will be presented at the upcoming annual general meeting and allows the company to raise funds through various instruments as determined appropriate by the board.
The board also announced a key leadership transition. Ashok Jain, currently serving as Whole-Time Director and Key Managerial Personnel, will complete his tenure on July 31, 2025. Acknowledging his longstanding contributions, the board has approved his re-designation as a Non-Executive, Non-Independent Director effective August 1, 2025, subject to shareholder approval on remuneration terms.
These decisions mark a pivotal phase for Borosil Renewables as it focuses on capital strengthening and leadership continuity to support its long-term growth.