Integrated Filing — IndAS

General information about company
Scrip Code	532884
NSE Symbol	REFEX
MSEI Symbol	NOTLISTED
ISIN	INE056I01025
Name of company	REFEX INDUSTRIES LIMITED
Type of company	Main Board
Class of security	Equity
Date of start of financial year	01-Apr-2024
Date of end of financial year	31-Mar-2025
Date of board meeting when results were approved	23-Apr-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	17-Apr-2025
Description of presentation currency	INR (in Actuals)
Reporting Type	Quarterly
Reporting Quarter	Fourth quarter
Nature of report standalone or consolidated	Standalone
Whether results are audited or unaudited for the quarter ended	Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended	Audited
Segment Reporting	Multi segment
Description of single segment
Start date and time of board meeting	23-Apr-2025   14:00:00
End date and time of board meeting	23-Apr-2025   17:00:00
Whether cash flow statement is applicable on company	Yes
Type of cash flow statement	Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion
Whether the company has any related party?	Yes
Whether the company has entered into any Related Party transaction during the selected half year for which it wants to submit disclosure?	Yes
(I) We declare that the acceptance of fixed deposits by the bans/Non-Banking Finance Company are at the terms uniformly applicable/offered to all shareholders/public	NA
(II) We declare that the scheduled commercial bank, as per RBI circular RBI/DBR/2015-16/19 dated March 03, 2016, has allowed additional interest of one per cent per annum, over and above the rate of interest mentioned in the schedule of interest rates on savings or a term deposits of banks staff and their exclusive associations as well as on deposits of Chairman, Chairman & Managing Director, Executive Director or such other Executives appointed for a fixed tenure.	No
Whether the company is a high value debt listed entity according to regulation 15 (1A)?	No
(a) If answer to above question is Yes, whether complying with proviso to regulation 23 (9), i.e., submitting RPT disclosures on the day of results publication?
(b) If answer to above question is No, please explain the reason for not complying.
Whether the updated Related Party Transactions (RPT) Policy (in compliance with Reg. 23 of SEBI LODR) has been uploaded on the website of the Company?	Yes
Latest Date on which RPT policy is updated	2025-04-23
Indicate Company website link for updated RPT policy of the Company	https://refex.co.in/investors-information.php
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?	Yes
No. of times funds raised during the quarter	4
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	No
No Default on Loans and Debt Securities is applicable to the entity

Financial Results Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	6123138000	24300162000
	Other income	167610000	524989000
	Total income	6290748000	24825151000
2	Expenses
(a)	Cost of materials consumed	2397753000	5175864000
(b)	Purchases of stock-in-trade	2866706000	16369828000
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	22853000	-1836000
(d)	Employee benefit expense	94336000	287120000
(e)	Finance costs	49866000	175686000
(f)	Depreciation, depletion and amortisation expense	32431000	106631000
(f)	Other Expenses
1	Other Expenses	109417000	304989000
	Total other expenses	109417000	304989000
	Total expenses	5573362000	22418282000
3	Total profit before exceptional items and tax	717386000	2406869000
4	Exceptional items	0	0
5	Total profit before tax	717386000	2406869000
6	Tax expense
7	Current tax	157137000	498213000
8	Deferred tax	-10662000	14546000
9	Total tax expenses	146475000	512759000
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	570911000	1894110000
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	570911000	1894110000
17	Other comprehensive income net of taxes	-6418000	-6473000
18	Total Comprehensive Income for the period	564493000	1887637000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	258365000	258365000
	Face value of equity share capital	2	2
27	Details of debt securities
22	Reserves excluding revaluation reserve		12243928000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	4.42	15.46
	Diluted earnings (loss) per share from continuing operations	4.19	14.8
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
ii	Earnings per equity share
	Basic earnings (loss) per share from continuing and discontinued operations	4.42	15.46
	Diluted earnings (loss) per share from continuing and discontinued operations	4.19	14.8
24	Debt equity ratio
25	Debt service coverage ratio
26	Interest service coverage ratio
27	Disclosure of notes on financial results		Notes n n1 The above standalone audited financial results of the Company for the Quarter and year ended 31st march 2025 have been reviewed by the Audit Committee and approved by the Board at their meeting held on 23 04 2025 nThe Statutory Auditors of the Company have carried out their audit in the above results for the quarter and year ended 31st March 2025 n2 The financial results of the Company have been prepared in accordance with the Indian Accounting Standards IndAS as prescribed under section 133 of Companies Act 2013 n n3 The Companys business activities falls into the following segments Ash Handling and Coal Trading Business Solar Power Generation and Related Activities Refrigerant Gases Manufacturing Refilling Sale of Services Power Trading and Other segment which currently includes solar module trading Unallocable expenditure includes those expenses which are common for the entire enterprise n n4 During the Second quarter the Company on July 22 2024 has made allotment of 5000000 equity shares of face value of Rs 2 each to Sherisha Technologies Private Limited Promoter of the Company upon exercise of conversion of Warrants at an issue price of Rs 125 per share overall value Rs 625000000 Rupees Sixty Two Crore Fifty Lakh only and received the balance consideration of 75 percent Rs. 468750000 Rupees Forty Six Crore Eighty Seven Lakh Fifty Thousand only pursuant to the preferential allotment approved by way of special resolutions passed by the shareholders in the Extra ordinary General Meeting of the Company held on March 27 2024 n nDuring the Third Quarter the Company on November 07 2024 has made allotment of 8177068 equity shares for an aggregate amount of Rs. 3826867824 Rupees Three Eighty Two Crore Sixty Eight Lakh Sixty Seven Thousand Eight Hundred and Twenty Four only being 100 percent upfront consideration and 11170000 warrants for an aggregate amount of Rs. 1306890000 Rupees One Hundred Thirty Crore Sixty Eight Lakh Ninety Thousand only being 25 percent upfront consideration . nThe funds raised will be strategically utilized for investments in subsidiary companies capital expenditures working capital needs repayment of existing loans and general corporate purposes. n ttt nOut of the proceeds from preferential issues as stated above the Company has utilized an amount of Rs. 469.88 crores towards purposes/objects specified in the explanatory statements to the Notices seeking shareholders’ approval for preferential issues.t ntt n5. During the year the company has redeemed RKG 630362 units out of 740000 units for consideration of 62.31 Crores. Due to this Rs. 10.51 crores has been credited to other income as realised gain on redemption and Rs. 19.91 crores as unrealised gain due to increase in fair value of investment as per IND AS 109. n n6. The Company on January 13 2025 has made allotment of 2 94 530 equity shares of Rs. 2 each in lieu of exercise of vested Employee Stock Options ESOPs under Refex Employee Stock Option Scheme 2021 ESOP 2021 to the eligible employees pursuant to exercise of options granted thereunder Refex Employee Stock Option Scheme 2021. This is in addition to the allotment of 29 285 equity shares of face value of Rs. 2 each made in the month of July 2024.ttt n7.The Company is in receipt of Demand order dated March 29 2025 under Section 74 of RGST CGST Act 2017 for the FY 2018 19 to FY 2020 21 wherein GST Input Tax Credit of Rs. 146596291 has been disallowed. Consequently a total demand of Rs. 293192582 has been raised by the Authority excluding interest. Also the Company has received another Demand Order March 28 2025 under Section 74 of CGST Act 2017 for the FY 2018 19 wherein GST Input Tax Credit of Rs.7116353 has been disallowed. Consequently a penalty of Rs.7116353 has been imposed by the Authority. The Company believes that the demands are not maintainable and hence would prefer an appeal against the said Orders within the prescribed time period. Company is receiving legal advice on this matter there are good merit in this case.ttt n8.During the year the company capitalized the borrowing costs amount to the tune of Rs. 372.39 Lakhs related to building in accordance with Ind AS 23.ttt n9. During the year the Company on December 20 2024 has incorporated a wholly owned subsidiary namely Venwind Refex Power Limited with the main objects inter alia trading manufacturing production assembly distribution and marketing of various sustainable energy assets along with their components systems and related equipment’s. It will also engage in consulting engineering EPC OEM research and development and training services and managing owning and operating power plants based on sustainable energy sources. nAdditionally it will focus on the commercialization and leasing of these assets and offer logistics transportation and related services for sustainable/renewable energy projects. nThe Company has infused initial share capital of Rs. 10 Lakh and subsequently sold its equity stake of up to 33 percent to 04 entities being business partner for the Venwind Refex Power Limited. Further the Company made an additional investment in the form of loan to the tune of Rs. 36.97 Crore and in the form of optionally convertible Debentures an amount of Rs. 3 cores for business purposes.ttt n10.The Company has received satisfaction/release of corporate guarantee issued to State Bank of India to the tune of Rs. 22 crores as collateral security given for and on behalf of SPV group companies thereby the balance outstanding is Nil. Additionally the Company has satisfied a Credit Facility LC of Rs. 50 crores taken from HDFC Bank during the reporting period.ttt n11.Figures have been re grouped re classified restated to make them comparable to the figures wherever necessary.ttt n12.Figures in brackets are representing negative values. n

Remarks
Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio

Statement of Asset and Liabilities
Particulars		Year ended (dd-mm-yyyy)
Date of start of reporting period		01-Apr-2024
Date of end of reporting period		31-Mar-2025
Whether results are audited or unaudited		Audited
Nature of report standalone or consolidated		Standalone
	Assets
1	Non-current assets
	Property, plant and equipment	1906335000
	Capital work-in-progress	58680000
	Investment property	0
	Goodwill	0
	Other intangible assets	82301000
	Intangible assets under development	0
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	0
	Non-current financial assets
	Non-current investments	1138117000
	Trade receivables, non-current	0
	Loans, non-current	0
	Other non-current financial assets	512400000
	Total non-current financial assets	1650517000
	Deferred tax assets (net)	9242000
	Other non-current assets	85296000
	Total non-current assets	3792371000
2	Current assets
	Inventories	73786000
	Current financial asset
	Current investments	0
	Trade receivables, current	6736331000
	Cash and cash equivalents	2639316000
	Bank balance other than cash and cash equivalents	468406000
	Loans, current	0
	Other current financial assets	210919000
	Total current financial assets	10054972000
	Current tax assets (net)
	Other current assets	2888476000
	Total current assets	13017234000
3	Non-current assets classified as held for sale
4	Regulatory deferral account debit balances and related deferred tax Assets
	Total assets	16809605000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	258365000
	Other equity	12243928000
	Total equity attributable to owners of parent	12502293000
	Non controlling interest
	Total equity	12502293000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	368447000
	Trade payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises
	Total Trade payable
	Other non-current financial liabilities	584134000
	Total non-current financial liabilities	952581000
	Provisions, non-current	21537000
	Deferred tax liabilities (net)
	Deferred government grants, Non-current
	Other non-current liabilities
	Total non-current liabilities	974118000
	Current liabilities
	Current financial liabilities
	Borrowings, current	600186000
	Trade payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	1672791000
	Total Trade payable	1672791000
	Other current financial liabilities	123364000
	Total current financial liabilities	2396341000
	Other current liabilities	885273000
	Provisions, current	6458000
	Current tax liabilities (Net)	45122000
	Deferred government grants, Current
	Total current liabilities	3333194000
3	Liabilities directly associated with assets in disposal group classified as held for sale
4	Regulatory deferral account credit balances and related deferred tax liability
	Total liabilities	4307312000
	Total equity and liabilites	16809605000
	Disclosure of notes on assets and liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-Jan-2025	01-Apr-2024
Date of end of reporting period		31-Mar-2025	31-Mar-2025
Whether accounts are audited or unaudited		Audited	Audited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Ash & Coal Handling Business	5916887000	22355731000
2	Refrigerant Gas- Manufacturing (Refilling) and Sales	165961000	615881000
3	Sale Of Service	0	46500000
4	Power Trading	12431000	1089987000
5	Solar Power - Generation and Related Activities	27859000	116206000
6	Others	0	75857000
7	Unallocable expenditure	0	0
	Total Segment Revenue	6123138000	24300162000
	Less: Inter segment revenue
	Revenue from operations	6123138000	24300162000
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Ash & Coal Handling Business	677798000	2181750000
2	Refrigerant Gas- Manufacturing (Refilling) and Sales	16143000	30944000
3	Sale Of Service	0	31473000
4	Power Trading	-3635000	47312000
5	Solar Power - Generation and Related Activities	12815000	57912000
6	Others	0	4784000
7	Unallocable expenditure	-103479000	-296609000
	Total Profit before tax	599642000	2057566000
	i. Finance cost	49866000	49866000
	ii. Other Unallocable Expenditure net off Unallocable income	-167610000	-167610000
	Profit before tax	717386000	2406869000
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Ash & Coal Handling Business	10325360000	10325360000
2	Refrigerant Gas- Manufacturing (Refilling) and Sales	325369000	325369000
3	Sale Of Service	0	0
4	Power Trading	141498000	141498000
5	Solar Power - Generation and Related Activities	537527000	537527000
6	Others	0	0
7	Unallocable expenditure	0	0
	Total Segment Asset	11329754000	11329754000
	Un-allocable Assets	5479851000	5479851000
	Net Segment Asset	16809605000	16809605000
4	Segment Liabilities
	Segment Liabilities
1	Ash & Coal Handling Business	2924881000	2924881000
2	Refrigerant Gas- Manufacturing (Refilling) and Sales	15960000	15960000
3	Sale Of Service	0	0
4	Power Trading	73763000	73763000
5	Solar Power - Generation and Related Activities	0	0
6	Others	638798000	638798000
7	Unallocable expenditure	0	0
	Total Segment Liabilities	3653402000	3653402000
	Un-allocable Liabilities	13156204000	13156204000
	Net Segment Liabilities	16809606000	16809606000
	Disclosure of notes on segments

Other Comprehensive Income
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
A	Date of start of reporting period	01-Jan-2025	01-Apr-2024
B	Date of end of reporting period	31-Mar-2025	31-Mar-2025
C	Whether results are audited or unaudited	Audited	Audited
D	Nature of report standalone or consolidated	Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
	Total Amount of items that will not be reclassified to profit and loss
2	Income tax relating to items that will not be reclassified to profit or loss	0	0
3	Amount of items that will be reclassified to profit and loss
1	Profit / (Loss) due to cash flow hedge	-5453000	-5453000
2	' Remeasurements of defined benefit plan actuarial gains/ (losses)	-965000	-1020000
	Total Amount of items that will be reclassified to profit and loss	-6418000	-6473000
4	Income tax relating to items that will be reclassified to profit or loss	0	0
5	Total Other comprehensive income	-6418000	-6473000

Cash flow statement, indirect
Particulars				Year ended (dd-mm-yyyy)
A	Date of start of reporting period			2024-04-01
B	Date of end of reporting period			2025-03-31
C	Whether results are audited or unaudited			Audited
D	Nature of report standalone or consolidated			Standalone
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			2406869000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			175686000
	Adjustments for decrease (increase) in inventories			-1836000
	Adjustments for decrease (increase) in trade receivables, current			-3668879000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			-2317028000
	Adjustments for decrease (increase) in other non-current assets			0
	Adjustments for other financial assets, non-current			0
	Adjustments for other financial assets, current			0
	Adjustments for other bank balances			0
	Adjustments for increase (decrease) in trade payables, current			1208956000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			554858000
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			106631000
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss			0
	Adjustments for provisions, current			0
	Adjustments for provisions, non-current			0
	Adjustments for other financial liabilities, current			0
	Adjustments for other financial liabilities, non-current			0
	Adjustments for unrealised foreign exchange losses gains			0
	Adjustments for dividend income			0
	Adjustments for interest income			86282000
	Adjustments for share-based payments			8263000
	Adjustments for fair value losses (gains)			-199199000
	Adjustments for undistributed profits of associates			0
	Other adjustments for which cash effects are investing or financing cash flow			0
	Other adjustments to reconcile profit (loss)			-106024000
	Other adjustments for non-cash items			-71761000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			-4396615000
	Net cash flows from (used in) operations			-1989746000
	Dividends received			0
	Interest paid			0
	Interest received			0
	Income taxes paid (refund)			632777000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			-2622523000
	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses			0
	Cash flows used in obtaining control of subsidiaries or other businesses			0
	Other cash receipts from sales of equity or debt instruments of other entities			0
	Other cash payments to acquire equity or debt instruments of other entities			0
	Other cash receipts from sales of interests in joint ventures			0
	Other cash payments to acquire interests in joint ventures			0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships			0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships			0
	Proceeds from sales of property, plant and equipment			2134000
	Purchase of property, plant and equipment			627011000
	Proceeds from sales of investment property			0
	Purchase of investment property			0
	Proceeds from sales of intangible assets			0
	Purchase of intangible assets			0
	Proceeds from sales of intangible assets under development			0
	Purchase of intangible assets under development			0
	Proceeds from sales of goodwill			0
	Purchase of goodwill			0
	Proceeds from biological assets other than bearer plants			0
	Purchase of biological assets other than bearer plants			0
	Proceeds from government grants			0
	Proceeds from sales of other long-term assets			0
	Purchase of other long-term assets			0
	Cash advances and loans made to other parties			372400000
	Cash receipts from repayment of advances and loans made to other parties			465969000
	Cash payments for future contracts, forward contracts, option contracts and swap contracts			0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts			0
	Dividends received			0
	Interest received			127567000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			-339495000
	Net cash flows from (used in) investing activities	-743236000
	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries			0
	Payments from changes in ownership interests in subsidiaries			0
	Proceeds from issuing shares			5879832000
	Proceeds from issuing other equity instruments			0
	Payments to acquire or redeem entity's shares			0
	Payments of other equity instruments			0
	Proceeds from exercise of stock options			0
	Proceeds from issuing debentures notes bonds etc			0
	Proceeds from borrowings			6625000
	Repayments of borrowings			0
	Payments of lease liabilities			210363000
	Dividends paid			0
	Interest paid			0
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) financing activities			5676094000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			2310335000
	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents			0
	Net increase (decrease) in cash and cash equivalents			2310335000
	Cash and cash equivalents cash flow statement at beginning of period			328981000
	Cash and cash equivalents cash flow statement at end of period			2639316000

Signatory Details
Name of signatory	Ankit Poddar
Designation of person	Company Secretary and Compliance Officer
Place	Chennai
Date	23-Apr-2025