NEW DELHI: Borosil NSE -2.42 % Renewables on Wednesday posted multifold jump in net profit to Rs 66.87 crore for March quarter 2020-21 mainly on the back of higher revenues. The company had reported a net profit of Rs 4.05 crore for the year-ago period, a BSE filing said.
Total income rose to Rs 196.90 crore in the quarter from Rs 95.29 crore in the same period a year ago.
The net profit of the company in 2020-21 was Rs 89.64 crore, up from Rs 45.28 lakh in 2019-20.
Total income in the fiscal year rose to Rs 507.63 crore from Rs 274.76 crore in 2019-20.
The company’s board on Wednesday also approved a rights issue to raise up to Rs 100 crore.
“Board of Directors…also passed an enabling resolution for raising of capital by way of the offer and issuance of equity shares of the company for an amount not exceeding Rs 100 crore by way of a rights issue to the eligible equity shareholders of the company,” it said.
The funds from the rights issue would be used for part financing the installation of the first phase of expansion plan in the form of additional manufacturing facility (SG-4) with a capacity of up to 500 tonnes per day at its existing location in Bharuch, Gujarat.
The board did not recommend any dividend on equity shares for 2020-21.