Chennai, India – January 28, 2025: Refex Industries Limited (NSE: REFEX, BSE: 532884) has announced its unaudited financial results for the third quarter and nine months ended December 31, 2024. The company demonstrated strong revenue growth and profitability, driven by its Ash & Coal Handling, Power Trading, and Refrigerant Gas segments.
Key Financial Highlights (Consolidated) – Q3 FY2024-25
- Revenue from Operations: ₹7,171.27 crore (YoY growth from ₹3,059.86 crore)
- Total Income: ₹7,419.22 crore
- Net Profit: ₹50.05 crore (YoY growth from ₹16.89 crore)
- Earnings Per Share (EPS): ₹3.99 per share
- Total Expenses: ₹6,826.07 crore
- Profit Before Tax (PBT): ₹59.31 crore.
Nine-Month Performance (April – December 2024)
- Total Revenue: ₹18,399.03 crore (YoY increase from ₹10,405.20 crore)
- Net Profit: ₹110.46 crore (YoY increase from ₹59.60 crore)
- Earnings Per Share (EPS): ₹9.18 per share
- Total Expenses: ₹17,337.41 crore
- Profit Before Tax (PBT): ₹140.39 crore.
Segment-Wise Performance
- Ash & Coal Handling Business:
- Revenue: ₹6,834.60 crore (YoY increase from ₹2,641.85 crore).
- Contributed ₹61.86 crore to total profits.
- Refrigerant Gas – Manufacturing & Sales:
- Revenue: ₹104.40 crore (YoY stable from ₹126.28 crore).
- Faced margin pressure due to higher input costs.
- Power Trading Business:
- Revenue: ₹117.67 crore, showing moderate activity in energy transactions.
- Solar Power Generation & Related Activities:
- Revenue: ₹25.81 crore, with a substantial EBIT contribution of ₹9.61 crore.
Significant Developments & Strategic Moves
- Expansion into Electric Vehicle (EV) Business:
- Refex Green Mobility Limited entered a strategic agreement with Gensol Engineering Limited to transfer 2,997 electric four-wheelers (e4Ws).
- The deal is valued at ₹315 crores, with Refex EV Fleet Services managing deployment across key cities.
- Shareholder Approvals & Capital Expansion:
- ₹513.38 crore was raised via preferential allotment of equity shares and warrants.
- Funds are allocated for subsidiary investments, working capital, capital expenditure, and loan repayments.
- Wholly-Owned Subsidiary Incorporated – Venwind Refex Power Limited:
- Focus on sustainable energy assets, manufacturing, and EPC services.
- Initial capital infusion of ₹10 lakh, with strategic partners investing ₹6 crore.
- Legal & Compliance Update:
- ₹10.38 crore tax demand raised under GST for FY 2017-22; the company plans to appeal the order.
Management Commentary
"Our strong performance this quarter reflects Refex Industries' commitment to diversification and operational efficiency. With our expansion into electric mobility and sustainable energy, we are well-positioned to capitalize on emerging market opportunities," said Anil Jain, Managing Director of Refex Industries Limited.Market Implications & Future Outlook
- Growth in coal handling and power trading is expected to sustain top-line performance.
- Expansion into EV and renewable energy sectors will diversify revenue streams and strengthen market presence.
- Upcoming regulatory approvals for capital expansion will be key triggers for future growth.