The share price of the leading Consumer Glassware Manufacturing Company rose 2 percent to ₹366.35 per share on Thursday’s trading session after the company board approved raising funds via QIP.
At 2:10 p.m., Borosil Ltd shares were trading at ₹356.10 per share, down 0.92 percent from the previous close price on the exchange. The company has a market capitalization of ₹4,087 crore.
According to the exchange filing, The company board approved raising funds, aggregating up to ₹250 crores through Qualified Institutions Placement (“QIP”).
According to the recent shareholding pattern, the company promoters hold 70.18 percent of the company, Domestic institutional investors hold 1.39 percent and retail investors hold a 27.65 percent stake.
The company’s revenue has increased by 11 percent year on year, from ₹257 crore in Q2FY23 to ₹286 crore in Q2FY24. During the same period, Net profit has marginally increased from ₹27 crores to ₹28 crores.
In the fiscal year 2023, the company’s revenue distribution by geography revealed a predominant focus on the domestic market, constituting 93%, while exports contributed 7%. This highlights a robust reliance on the local market, with a smaller yet notable presence in international markets, shaping the company’s overall revenue structure for that fiscal year.
Borosil Limited manufactures laboratory glassware and microwavable kitchenware. The company sells and markets microwavable and flameproof kitchenware and glass tumblers through more than 15,000 retail outlets, and has three manufacturing facilities.
The Company’s Consumer Products segment marks for 72% of company revenue which includes microwaveable glassware products, glass tumblers, storage containers, stainless steel cookware, opal dining ware, kitchen appliances, lunch boxes, and stainless-steel flasks. In the Microwaveable glassware segment, the company has been a market leader with over 60% market share.
The company has 4 manufacturing facilities whose products are sold and distributed in 70+ countries. It has more than 2000 SKUs.
Written by Omkar Chitnis
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