Borosil Glass Works Ltd posted results for the third quarter ended 31st December, 2015.
The net profit for the quarter was at Rs. 14.2 crore as against Rs. 7 crore (YoY). The total income was at Rs. 64.1 crore as against Rs. 48.4 Cr (YoY).
The results for the quarter and nine months ended 31st December, 2015 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 6th February, 2016.
The statutory auditors of the Company have carried out Limited Review of these results. The Financial results are in accordance with the recognition and measurement principles laid down in Accounting Standard (AS) 25 – Interim Financial Reporting.
Subsequent to the quarter end, on 28th January, 2016, the Company acquired 100% equity shares of Hopewell Tableware Private Limited (unlisted domestic company) and consequently it has become a wholly owned subsidiary (WOS) of the Company. Further, Borosil Afrasia FZE, (Wholly owned subsidiary of the Company in UAE) has co-promoted a new LLC namely, Borosil Afrasia Middle East Trading LLC in Dubai, UAE, having an interest of 49%.
The buyback offer of 6,96,000 equity shares of the Company from all the shareholders @ Rs.2500/- per share for a maximum amount of upto Rs.17400 lacs on a proportionate basis through the “Tender Offer” route, closed on 29th January, 2016. Higher number of shares were tendered as compared to the offer size. Consequential steps are being taken in the matter.
Further information is available on the investors page of the company’s website, http://www.borosil.com.