Borosil Renewables Ltd

Dear Valued Shareholders,

It is with a sense of pride and excitement that I unveil the inaugural Integrated Annual Report for Borosil Renewables Ltd. This marks a significant milestone in our journey and underscores our commitment to transparency and accountability to our esteemed stakeholders.

The past year has been transformative for us. Overcoming several challenges, we successfully stabilized operations at our newly commissioned solar glass furnace, SG#3, thereby enhancing our overall operational efficiency. This expansi?n is a direct response to the escalating demand for solar glass. I am pleased to report that during FY2023-24, Borosil Renewables achieved consolidated Net Revenue from operations of ? 1369.28 Cr, reflecting a robust 53.2% increase over FY2022-23. Despite persistent price pressures due to relentless dumping by solar glass producers in China and Vietnam, this growth underscores the trust our customers place in us and our vision for a sustainable future.

The Indian solar glass industry continues to petition with the Government of India for creating a level-playing field for domestic solar glass manufacturers. The recently announced imposition of 10% Basic Customs Duty (on imports of solar glass) in the Finance Bill 2024 is an indication of the Government's recognition and support of domestic manufacturing of solar ancillaries.

Innovation is at the heart of what we do, and we have further strengthened the "B. L. Kheruka Centre for Research & Development" - our R&D centre in Pune. Innovation based on research is integral to our DNA, and the Centre has already applied for 6 patents over the last couple of years. We continue on our journey meeting ever-evolving customer requirements by offering new and improved products. Quick adoption of our newly launched products like grid printed solar glass in 2 mm thickness (for high-efficiency glass-glass solar modules) and enhanced glass textures (offering solutions to the key issues being faced by the customers in their production processes), etc. is a testimony of robust product development process. Our investment of ? 6.36 Crore in R&D last year, alongside upgrades in glass processing capabilities, underscores our commitment to delivering world-class product quality.

Allow me to share a personal passion: our dedication to sustainability and community engagement. In FY24, our 10 MW solar-wind hybrid power project was commissioned, and we are exploring further opportunities to increase our renewable energy capacity. We now source ~ 27% of our energy needs from renewable sources. We are also intensifying efforts in recycling, water conservation, and minimizing our environmental impact.

Our commitment to community welfare is steadfast. Our initiatives include sponsoring a movement which has led to the plantation of over 50 million trees, significantly improving farmers' income in suicide-prone rural Maharashtra. The joy in witnessing the positive impact in the lives of over 25,000 farm families, who have been touched by this initiative is more rewarding than anything else. It is a matter of pride to say that this positive impact has now expanded to other regions across India. In addition to this, we have separately contributed towards initiatives in tribal education, healthcare, and employment. We are actively contributing to improving lives and making a tangible difference.

Charting a Sustainable Course for the Future

As we gaze toward the horizon, we are optimistic about our capacity to sustain growth while creating enduring value. The global shift towards renewable energy sources presents us with limitless opportunities, and we are strategically positioned to capitalize on this transformative trend.

Our commitment to ESG (Environmental, Social, and Governance) principles remains unwavering, as we firmly believe that sustainability is not only an ethical imperative but also a strategic cornerstone for long-term business success. When team members know that they work for such a company their efforts are redoubled.

We will continue to allocate investments towards innovation, enhancement of our manufacturing capabilities, while exploring new avenues for

expansion and new markets that we intend to serve globally, all the while maintaining the highest standards of environmental and social responsibility.

I extend my heartfelt gratitude to our team of dedicated employees, esteemed customers, supportive shareholders, and valued partners. Your steadfast support has been fundamental to our accomplishments. I also express my appreciation for the wise guidance and oversight provided by our Board of Directors.

I firmly believe that we are not just a part of the renewable energy sector; we are a part of a global movement towards sustainability and this thought always inspires us to put forth our best efforts to achieve our vision.

Thank you for being a part of our journey. Together, we will continue to build a company that not only achieves outstanding financial results but also makes a lasting, positive impact on our society and the planet we call home.