The shares of India’s sole maker of solar glass rose 9 percent to Rs 447.60 per share on Wednesday after the Bombay High Court quashed the tax order worth Rs 19.53 crore. 

At 11:37 a.m., Borosil Renewables shares were trading at Rs 430.40 a share, up Rs 19.35 or 4.71 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 5,628 crore. 

As per the company’s exchange filing, The Bombay High Court, in a judgment issued on September 15, 2023, quashed the order/notice and dismissed the petition in favour of the Company. 

In the early days of September 11, 2023. The company filed a petition before the Bombay High Court in the matter of an Income Tax demand of Rs. 1952.56 lakhs raised against the Company for Assessment Year 2016-17. 

Borosil Renewables revenue has increased by 40 percent yearly, from Rs 169 crore in Q1FY23 to Rs 237 crore in Q1FY24. In the same time frame, the company’s net profit declined by 57 percent, from Rs 30 crore to Rs 13 crore. 

In the recent financial year, the company reported a net profit margin of 12.86 percent and an operating margin of 18.39 percent. 

According to the recent shareholding pattern, the company promoters hold 61.61 percent of the company, while Foreign institutional investors own 6.29 percent and retail investors own 32.02 percent stake. 

Borosil Glass Works Ltd. is the country’s single largest maker of volumetric glassware. Which manufactures ultra-transparent patterned glass and low iron solar glass for use in photovoltaic panels, flat plate collectors, and greenhouses. 

Written by Omkar Chitnis