In an interaction with Shreevar Kheruka, MD, Borosil Limited
Borosil Ltd is investing more than Rs 600 crore in expanding production in India, replacing imports from countries across the world and making us more "Aatmanirbhar" for the future, asserts Mr Shreevar Kheruka, MD, Borosil Ltd
What is your outlook on the glassware industry, globally?
The glassware industry will have robust growth in the coming years. The applications of glass are ever increasing from electronics to building materials to food & drink containers to solar modules to pharmaceutical labs and packaging to fiber optics, etc. With this increasing range of usage, the glass industry worldwide is likely to go from strength to strength.
The company has recorded consolidated revenue growth of 56.8 per cent for Q1FY23 at Rs 216.23 crore. What factors contributed to such a splendid performance?
The demand for glassware in India is growing rapidly for a number of reasons:
1) There is a general move away from plastics.
2) People want to upgrade their lifestyles and offer healthier alternatives to their families.
3) There is a move from unorganised players to organised players. All of these reasons are contributing to our growth curve.
What is Borosil’s plan for geographical expansion in terms of distribution?
Our distribution is especially strong in the north and east of the country. We are focussing on growing our markets in the south and west as well with products that are relevant to those geographies. We reach customers through more than 17,000 retail outlets across India and we hope to expand this by over 1,000 counter additions per year. Moreover, our presence in large format stores, as well as e-commerce, is increasing on a routine basis.
What are your plans to reduce the company’s dependence on China?
Borosil Ltd is investing more than Rs 600 crore in expanding production in India. All this production will be replacing imports from countries across the world and making us more Aatmanirbhar for the future.
What strategic plans does the company have to survive in the current environment of rising inflation?
The current environment of rising prices has been unprecedented in my around 15 years of experience with Borosil. We routinely have many projects to increase efficiencies and cut costs. However, when costs rise so sharply, there is very little we can do except pass on this cost increase to the end customer. I hope we can reduce prices in the future in the event, that input costs reduce!