Latest news with #GMB
Time of India
6 hours ago
- Business
- Time of India
Borosil Renewables Q1 revenue up 37.4% to ₹332 cr; ₹325.91 cr provision for German unit hit profitability
New Delhi: Borosil Renewables Ltd on Wednesday reported a 37.4 per cent year-on-year rise in standalone revenue to ₹332.26 crore in the April-June quarter (Q1FY26), driven by robust domestic demand and higher average selling prices. The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 211 per cent year-on-year to ₹92.53 crore, with margins expanding to 27.8 per cent from 12.3 per cent in the same period last year. Exports contributed ₹35.67 crore, accounting for 10.7 per cent of the quarterly revenue. As part of a strategic shift following sustained losses in Europe, the company's German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, filed for insolvency on July 4, 2025. In response, Borosil Renewables made a one-time provision of ₹325.91 crore to fully provide for its exposure to GMB and Geosphere Glassworks GmbH, which impacted profitability for the quarter. 'Earnings is expected to rise by as much as ₹27 crore per quarter following the stoppage of support to GMB. Also, the EPS and ROCE shall improve,' the company said in its financial disclosure. Despite the exceptional provision, Borosil Renewables has announced a ₹950 crore expansion plan for adding 600 tonnes per day (TPD) of new solar glass manufacturing capacity through SG-4 and SG-5 furnaces at its Bharuch facility in Gujarat. The new capacity, expected to be commissioned by December 2026, will increase the company's domestic output by 60 per cent. Vice Chairman Shreevar Kheruka said: 'While the insolvency of our German subsidiary is unfortunate, it is also an inflection point that allows us to consolidate resources towards India, where strong policy support and rising demand create a favourable long-term growth outlook. Our performance in Q1FY26 reflects the strength of our core business, and we are confident of sustaining this trajectory as we expand capacity to serve the growing domestic solar sector.' The Board has approved a preferential issue of equity shares aggregating up to ₹379.52 crore at ₹535 per share to non-promoter investors. The proposed issue will be placed for shareholder approval at an Extraordinary General Meeting on August 14, 2025, and will require stock exchange clearances. Prominent investors participating in the issue include Abakkus Fund, Niveshaay Fund, Dharampal Satyapal (DS) Group, Globe Capital Market, Nuvama Fund, Sanshi Fund, Vivek Jain, Ashibhardarsh Ventures and Acaipl Investment (Omkara). Earlier this year, Borosil Renewables had raised ₹517.66 crore through a mix of equity and convertible warrants. The latest fund infusion is expected to address the balance project cost and support capital structure optimisation. The company's domestic performance benefited from the five-year anti-dumping duty imposed on solar glass imports from China and Vietnam, which helped stabilise pricing. With India targeting 280 GW of installed solar capacity by 2030 and a supply gap in solar glass, Borosil Renewables expects to benefit from the expanding market.
Business Standard
9 hours ago
- Business
- Business Standard
Borosil Renewables slides after Q1 net loss widens to Rs 272 cr
Borosil Renewables declined 3.63% to Rs 603.30 after the company reported a standalone net loss of Rs 272.35 crore in Q1 FY26, significantly higher than the net loss of Rs 3.64 crore recorded in Q1 FY25. Despite the widening loss, revenue from operations rose 37.39% year-over-year (YoY) to Rs 332.26 crore for the quarter ended 30 June 2025. Profit before exceptional items and tax stood at Rs 66.56 crore in Q1 FY26, compared to a pre-tax loss of Rs 4.99 crore in Q1 FY25. However, the company reported exceptional items worth Rs 325.91 crore during the quarter. During the quarter, Borosil Renewables conducted an independent assessment of its step-down subsidiary GMB in Germany and found no signs of demand recovery. With GMB requiring monthly funding of around EUR 900,000, its Managing Director filed for insolvency on 4 July 2025 at the Cottbus Insolvency Court under the German Insolvency Code. As a result, Borosil's management reassessed its total exposure of Rs 32,590.81 lakh related to GMB and its parent Geosphere Glassworks GmbH. Due to the uncertainty around the insolvency outcome, this entire amount was fully provided for and disclosed as an exceptional item in the financial results. Total expenses increased 8.75% YoY to Rs 271.23 crore during the quarter. Cost of material consumed stood at Rs 84.42 crore (up 13.37% YoY), employee benefit expenses was at Rs 20.09 crore (up 2.44% YoY) and finance cost stood at Rs 4.19 crore (down 31.92% YoY) during the period under review. Meanwhile, the companys board has approved a preferential issue of up to 70,93,874 fully paid-up equity shares at Rs 535 per share (including a Rs 534 premium), totaling approximately Rs 379.52 crore. The shares will be allotted to non-promoter investors on a private placement basis, subject to necessary approvals from shareholders and regulatory authorities, in accordance with applicable laws and SEBI regulations. Borosil Renewables is engaged in the business of manufacturing of extra clear patterned glass and low iron solar glass for application in photovoltaic panels, flat plate collectors and green houses.
Scotsman
10 hours ago
- Business
- Scotsman
Anas Sarwar 'cannot win Holyrood election without Labour ending oil licence ban' warns union boss
One of the UK's leading trade union chiefs has warned Keir Starmer's ban on new oil and gas developments is halting Anas Sarwar's chances of becoming first minister. Sign up to our Politics newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Scottish Labour will not win next year's Holyrood election if the party does not reverse its opposition to new oil and gas, one of the UK's top union chiefs has warned. Gary Smith, the general secretary of the GMB union, has told Anas Sarwar he will not become the next first minister without his party at Westminster having a change of heart on its pledge to ban new North Sea oil and gas licences. Advertisement Hide Ad Advertisement Hide Ad An oil platform standing amongst other rigs. PIC: Andrew Milligan/PA Wire The UK government has pointed to scientific evidence that new oil and gas licences are not consistent with global efforts to tackle the climate crisis and that continuing to drill for oil and gas will do nothing to cut energy bills. But the vow has left Labour open to criticism over jobs and claims that Britain will have to import fuels from overseas. Speaking to the New Statesman, Mr Smith starkly warned that 'on the current policies, I don't believe that Labour can win in Scotland'. READ MORE: Rosebank and other North Sea oil and gas fields could be given green light under new guidelines Advertisement Hide Ad Advertisement Hide Ad He added: 'People don't get that energy is an emotional issue in Scotland. We went hundreds of miles out in this inhospitable sea and built this incredible, groundbreaking energy infrastructure. Labour 'will need to rethink' oil field ban 'If you're on the west coast of Scotland, most people of a certain age have a drop of oil from Sullom Voe because there are so many families who were involved in building that project when they landed the oil in Shetland. 'This was an emotional story about Scotland. It's important to its sense of self and the economy, and I don't think people have really got that.' The GMB's Gary Smith (Picture: Andrew Milligan/PA) Mr Smith has insisted that 'they will have to rethink' the position on oil and gas 'because the consequences in terms of energy prices, in terms of national security, in terms of the economy and jobs, are so profound'. Advertisement Hide Ad Advertisement Hide Ad He added: 'What we should be doing is taking a public stake in what is left of the oil and gas sector and using the profits for that sector, or part of them, to invest in a new green future. 'We should be talking about North Sea Two, how we're going to collaborate with Norway – not just decarbonising the North Sea, but what comes next. Oil and gas is not the enemy: it's actually the gateway to whatever comes next, and we've got to stop seeing it as a threat.' Mr Smith attacked the UK's industrial strategy and net zero policies, claiming that 'for too long, we were exporting jobs and importing virtue, so we closed down British industry'. Advertisement Hide Ad Advertisement Hide Ad 'Squandered opportunities' He added: 'That was great for emissions, not great for communities. Our notional emissions have fallen but all we've done is export jobs and industry to China, where they burn coal to produce the goods we then import on diesel-burning barges and ships – and that includes the vast bulk of all renewables industry.' Pressed by The Scotsman over his position on oil and gas, Mr Sarwar said there 'have been too many squandered opportunities', adding that 'all the big promises on green jobs have failed to materialise'. Keir Starmer and Anas Sarwar (Photo by Jeff) | Getty Images The Scottish Labour leader added: 'We've got to get the balance right, which is recognising oil and gas has got a significant role to play for decades to come, making sure we have a policy around oil fields that's right.' Mr Sarwar said that the UK government needs to have 'a fiscal regime that attracts investment but also maximises potential tax receipts for the Treasury'. Advertisement Hide Ad Advertisement Hide Ad The union concerns come as the UK government announces a £900,000 transition training fund that will help around 200 Aberdeen oil and gas workers to move into the clean energy sector. The programme is open to current and former oil and gas workers who live in or are employed in Aberdeen or Aberdeenshire, and are interested in moving into roles within clean energy. Successful applicants will receive careers advice and funding towards training courses - supporting local people into opportunities in sectors such as offshore wind, hydrogen and carbon capture and storage, which could include roles in welding, electrical engineering and construction. Advertisement Hide Ad Advertisement Hide Ad Fund to help green jobs transition It is hoped that up to 100,000 direct and indirect jobs could be supported by the offshore wind sector across the UK by 2030. UK Energy Minister Michael Shanks, said: 'Aberdeen has been the energy capital of Britain for decades and while oil and gas will be with us for decades to come, we are determined to make sure that workers are supported to access the thousands of jobs in industries such as offshore wind and carbon capture. Energy Minister Michael Shanks with Cerulean Winds' alliance partners on a tour of the Port of Ardersier near Inverness hearing about the Aspen floating windfarm which will create over 1,000 jobs. | Contributed 'This funding will help deliver a fair and prosperous transition in the North Sea, unlocking the full potential of renewable energy and reaping the economic benefits from the skills and experiences of Aberdeen's workforce.' The fund will be delivered by Skills Development Scotland and has been supported by an additional £40,000 from the Scottish Government. Advertisement Hide Ad Advertisement Hide Ad SNP Climate Action and Energy Minister, Gillian Martin, said: 'The North East has long been a titan in the oil and gas industry and the valuable expertise within our workforce must be at the heart of the transition to new fuels and sustainable energy. SNP Energy Secretary Gillian Martin | PA 'I am determined to ensure a positive impact and powerful legacy of Scotland's clean energy revolution which benefits communities across the North East of the country.' But Scottish Conservative energy and net zero spokesperson, Douglas Lumsden, claimed the SNP and Labour 'boasting about this scheme' was "frankly embarrassing'. He added: 'This 'support' for 200 workers amounts to a drop in the ocean when compared to the projected 400 jobs a fortnight being lost thanks to their decimation of the oil and gas sector. Advertisement Hide Ad Advertisement Hide Ad
Daily Mirror
21 hours ago
- Business
- Daily Mirror
Unions warn Labour must convince Brits of green jobs boost to counter Reform
Polling conducted by YouGov for the Prospect and GMB unions reveals just a fifth (20%) of Brits believe the clean energy transition will have a positive impact on jobs locally Labour must show how shifting to green energy will boost jobs to face down the threat from Reform, two major unions have warned. Polling conducted by YouGov for Prospect and GMB reveals just a fifth (20%) of Brits believe the energy transition will have a positive impact on jobs locally. Under a third (31%) think the energy transition will have a positive impact on jobs anywhere in the UK. GMB General Secretary Gary Smith warned Brits need to see the benefits of transition to clean energy to counter climate sceptics on the right as Nigel Farage wages war on Net Zero. It comes after Reform UK Deputy Leader Richard Tice vowed to scrap contracts with energy firms and reverse the expansion of renewable energy. Dame Andrea Jenkyns, Reform's Mayor of Greater Lincolnshire, has said she doesn't think climate change exists. Labour recently warned that 950,000 jobs in clean energy could be threatened by Reform. According to Confederation of British Industry data, the net zero economy supports 951,000 full-time jobs, in areas like offshore wind, electric vehicles, heat pumps and hydrogen. This includes 100,700 in Scotland, 70,500 in Yorkshire and the Humber and 96,800 in the North West. Mr Smith told the Mirror: 'At the moment, the transition feels like something being done to workers – that can't continue. People need to see real jobs created where they live, and their local economy boosted, or we're going to see more and more tempted by the siren calls of those who deny the reality of climate change.' The survey of more than 2,000 adults shows more than half (55%) agree a transition focused on jobs and the economy should be prioritised over one focused on speed. Only 17% prefer a focus on speed. Prospect and GMB – who between them represent tens of thousands of energy workers - have launched a campaign group, Climate Jobs UK, which aims to put energy workers and jobs at the centre of the UK's debate on decarbonisation. Around 5.5million people - 8% of the population - either work in the energy sector or know someone who does. Prospect General Secretary Mike Clancy said: 'We are going to need tens of thousands of workers to deliver this huge shift in the way we produce and use energy. Building on the clean energy industrial strategy, the opportunity is to deliver good, clean energy jobs for the people and places that most need them 'But this research shows that people aren't yet seeing those jobs materialise, and if this continues then it will undermine support for the transition and drive people towards parties who oppose it and would put the future of the industry at risk. 'The government have raised the ambition on energy policy, which is welcome, now they need to be bigger and bolder when it comes to energy jobs and put energy workers at the heart of this agenda.'
The Guardian
21 hours ago
- Business
- The Guardian
Labour must create green jobs or lose voters to parties who oppose net zero, unions warn
The Labour government needs to ramp up the creation of green jobs or risk workers being tempted to vote for parties opposing the shift to net zero, two major unions have said. The GMB and Prospect, who between them represent tens of thousands of energy workers, said there needs to be more of a focus on increasing green jobs as fossil fuel industry is increasingly phased out. They said without more tangible progress there is a danger of public support for the transition to clean energy being undermined – and potentially voters opting for a new government that does not support net zero. Their intervention comes after Reform UK pledged to rip up green energy contracts if the party wins power and the Conservatives also shifted away from support for net zero earlier this year, showing the political arguments over the shift to green jobs are not settled. Launching a new campaign group called Climate Jobs UK, Gary Smith, the general secretary of GMB union, said: 'How the UK makes the transition to net zero is hugely important. The voices of those working in the energy sector day in, day out, who have vast experience of dealing with change, need to be front and centre of the process. If not, it's doomed to fail. 'At the moment, the transition feels like something being done to workers – that can't continue. People need to see real jobs created where they live, and their local economy boosted, or we're going to see more and more tempted by the siren calls of those who deny the reality of climate change.' The campaign will aim to put energy workers and jobs at the centre of the UK's debate on decarbonisation. Unions say it is needed because they want more to be done to ensure good jobs are created in low carbon energy, and the government's industrial strategy focuses on supporting workers and communities who will see a decline in jobs in industries that are being phased out. GMB and Prospect said new research commissioned from YouGov shows that 55% of the public want to see jobs and the economy prioritised, while 17% of those surveyed said they would put the need for speed first. Only three in ten voters thought the energy transition would have a positive impact on job opportunities in the UK, and this fell to two in ten when asked about jobs in their own local area. Fewer than one in ten voters said the transition had led to more job opportunities in their area so far. The research found that overall the public feel more positively than negatively about the energy transition by 55% to 16% but that Reform voters have markedly more negative views at 48% and the party is seeking to capitalise on discontent in communities where the energy industry is declining. Mike Clancy, the general secretary of Prospect, said the biggest challenge with the energy transition 'is no longer climate technology, it is climate jobs'. 'We are going to need tens of thousands of workers to deliver this huge shift in the way we produce and use energy. Building on the clean energy industrial strategy, the opportunity is to deliver good, clean energy jobs for the people and places that most need them,' he said. 'But this research shows that people aren't yet seeing those jobs materialise, and if this continues then it will undermine support for the transition and drive people towards parties who oppose it and would put the future of the industry at risk. 'The government have raised the ambition on energy policy, which is welcome, now they need to be bigger and bolder when it comes to energy jobs and put energy workers at the heart of this agenda.' The Climate Jobs UK campaign will be supported by the Climate Jobs National Resource Center, which worked with unions in the US to run campaigns on how to create good union jobs while tackling the climate crisis.
