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	Consolidated
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

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	Consolidated	Consolidated
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	6277593000	24676631000
	Other income	161246000	503581000
	Total income	6438839000	25180212000
2	Expenses
(a)	Cost of materials consumed	2476508000	5436514000
(b)	Purchases of stock-in-trade	2867126000	16370806000
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	22915000	-1834000
(d)	Employee benefit expense	127124000	392888000
(e)	Finance costs	88064000	276926000
(f)	Depreciation, depletion and amortisation expense	116232000	325639000
(f)	Other Expenses
1	Other expenses	145697000	380137000
	Total other expenses	145697000	380137000
	Total expenses	5843666000	23181076000
3	Total profit before exceptional items and tax	595173000	1999136000
4	Exceptional items	0	0
5	Total profit before tax	595173000	1999136000
6	Tax expense
7	Current tax	157137000	498213000
8	Deferred tax	-41181000	-82912000
9	Total tax expenses	115956000	415301000
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	479217000	1583835000
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	479217000	1583835000
17	Other comprehensive income net of taxes	-14515000	-14535000
18	Total Comprehensive Income for the period	464702000	1569300000
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent	483165000	1587783000
	Total profit or loss, attributable to non-controlling interests	-3948000	-3948000
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent	471233000	1575832000
	Total comprehensive income for the period attributable to owners of parent non-controlling interests	-6531000	-6531000
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		11869576000
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	3.71	12.93
	Diluted earnings (loss) per share from continuing operations	3.52	12.38
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	3.71	12.93
	Diluted earnings (loss) per share from continuing and discontinued operations	3.52	12.38
24	Debt equity ratio
25	Debt service coverage ratio
26	Interest service coverage ratio
27	Disclosure of notes on financial results

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		Consolidated
	Assets
1	Non-current assets
	Property, plant and equipment	3332127000
	Capital work-in-progress	96766000
	Investment property
	Goodwill	52000
	Other intangible assets	121849000
	Intangible assets under development	75452000
	Biological assets other than bearer plants
	Investments accounted for using equity method
	Non-current financial assets
	Non-current investments	307447000
	Trade receivables, non-current
	Loans, non-current	0
	Other non-current financial assets	25155000
	Total non-current financial assets	332602000
	Deferred tax assets (net)	133493000
	Other non-current assets	85456000
	Total non-current assets	4177797000
2	Current assets
	Inventories	74149000
	Current financial asset
	Current investments	0
	Trade receivables, current	6767746000
	Cash and cash equivalents	2816171000
	Bank balance other than cash and cash equivalents	704283000
	Loans, current	0
	Other current financial assets	301957000
	Total current financial assets	10590157000
	Current tax assets (net)	15721000
	Other current assets	3134073000
	Total current assets	13814100000
3	Non-current assets classified as held for sale
4	Regulatory deferral account debit balances and related deferred tax Assets
	Total assets	17991897000
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	258365000
	Other equity	11869576000
	Total equity attributable to owners of parent	12127941000
	Non controlling interest	-6201000
	Total equity	12121740000
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	918406000
	Trade payables, non-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	0
	Total Trade payable	0
	Other non-current financial liabilities	965567000
	Total non-current financial liabilities	1883973000
	Provisions, non-current	23700000
	Deferred tax liabilities (net)
	Deferred government grants, Non-current
	Other non-current liabilities
	Total non-current liabilities	1907673000
	Current liabilities
	Current financial liabilities
	Borrowings, current	798354000
	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	1717256000
	Total Trade payable	1717256000
	Other current financial liabilities	312806000
	Total current financial liabilities	2828416000
	Other current liabilities	1081145000
	Provisions, current	7801000
	Current tax liabilities (Net)	45122000
	Deferred government grants, Current	0
	Total current liabilities	3962484000
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	5870157000
	Total equity and liabilites	17991897000
	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		Consolidated	Consolidated
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Ash and Coal Handling business	5916887000	22355731000
2	Refrigerant gas - Manufacturing (Refilling) and Sales	165961000	615881000
3	Electric vehicle	154455000	376469000
4	Sale of service	0	46500000
5	Power trading	12431000	1089987000
6	Solar Power - Generation and related activities	27859000	116206000
7	Wind Power	0	0
8	Others	0	75857000
9	Corporate	0	0
	Total Segment Revenue	6277593000	24676631000
	Less: Inter segment revenue	0	0
	Revenue from operations	6277593000	24676631000
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Ash and Coal Handling business	677798000	2181750000
2	Refrigerant gas - Manufacturing (Refilling) and Sales	16143000	30944000
3	Electric vehicle	-61702000	-268355000
4	Sale of service	0	31473000
5	Power trading	-3635000	47312000
6	Solar Power - Generation and related activities	12815000	57912000
7	Wind Power	-16402000	-17657000
8	Others	0	4784000
9	Corporate	-103026000	-295683000
	Total Profit before tax	521991000	1772480000
	i. Finance cost	88064000	88064000
	ii. Other Unallocable Expenditure net off Unallocable income	-161246000	-161246000
	Profit before tax	595173000	1999135000
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Ash and Coal Handling business	10325360000	10325360000
2	Refrigerant gas - Manufacturing (Refilling) and Sales	325369000	325369000
3	Electric vehicle	1902238000	1902238000
4	Sale of service	0	0
5	Power trading	141498000	141498000
6	Solar Power - Generation and related activities	537527000	537527000
7	Wind Power	623073000	623073000
8	Others	0	0
9	Corporate	0	0
	Total Segment Asset	13855065000	13855065000
	Un-allocable Assets	4136832000	4136832000
	Net Segment Asset	17991897000	17991897000
4	Segment Liabilities
	Segment Liabilities
1	Ash and Coal Handling business	2924881000	2924881000
2	Refrigerant gas - Manufacturing (Refilling) and Sales	15960000	15960000
3	Electric vehicle	1345399000	1345399000
4	Sale of service	0	0
5	Power trading	73763000	73763000
6	Solar Power - Generation and related activities	638798000	638798000
7	Wind Power	244698000	244698000
8	Others	0	0
9	Corporate	0	0
	Total Segment Liabilities	5243499000	5243499000
	Un-allocable Liabilities	12748398000	12748398000
	Net Segment Liabilities	17991897000	17991897000
	Disclosure of notes on segments	Textual Information(2)

Text Block

Textual Information(2)

Notes: n1. The above Consolidated audited financial results of the Company for the Quarter & year ended 31st march 2025 have been reviewed by the Audit Committee and approved by the Board at their meeting held on 23rd April 2025. nThe Statutory auditors of the company have carried out their audit on the above results for the Quarter & year ended 31st march 2025. n2. The financial results of the group have been prepared in accordance with the Indian Accounting Standards (IND-AS) as prescribed u/s 133 of the Companies Act 2013. n3. The Group's business activities falls into the following segments: Ash & Coal Handling Business, Solar Power - Generation and Related Activities, Refrigerant Gases- Manufacturing (Refilling), Sale of Services, Power Trading, Electric-Vehicle,Windpower and Other segment.Other segment currently includes solar module trading. Corporate segment includes those expenses which are common for the entire enterprise. n4. During the Second quarter, the Company, on July 22, 2024, has made allotment of 50,00,000 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 Rs125/- per share, overall value Rs.62,50,00,000/- (Rupees Sixty-Two Crore Fifty Lakh only), and received the balance consideration of 75%, i.e., Rs.46,87,50,000/- (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. nDuring the Third Quarter, the Company, on November 07, 2024, has made allotment of 81,77,068 equity shares for an aggregate amount of Rs.3,82,68,67,824/- (Rupees Three Eighty Two Crore Sixty-Eight Lakh Sixty-Seven Thousand Eight Hundred and Twenty Four only) (being 100% upfront consideration) and 1,11,70,000 warrants, for an aggregate amount of Rs.1,30,68,90,000/- (Rupees One Hundred Thirty Crore Sixty-Eight Lakh Ninety Thousand only) (being 25% 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. 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. nDuring the year the company incurred an expense amounting to Rs.12.50 crores towards raising of funds for preferential issue which has been netted-off under securities premium as per IND AS. n5. During the year the company has redeemed RKG 6,30,362 units out of 7,40,000 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. 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. 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. 14,65,96,291/- has been disallowed. Consequently, a total demand of Rs. 29,31,92,582/- 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.71,16,353/-has been disallowed. Consequently, a penalty of Rs.71,16,353/- 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. n8. During the quarter, the company capitalized the borrowing costs amount to the tune of Rs.372.39 Lakhs related to building in accordance with Ind AS 23. 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% 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. n10. During the quarter, the Company, on February 24, 2025, has incorporated a wholly-owned subsidiary, namely, Venwind Refex Power Services Limited as a step-down Subsidiary of Venwind Refex Power Limited with the Objects inter-alia to undertake, manage, and execute short-term and long-term operations and maintenance (O&M) contracts or Annual Maintenance Contracts (AMC) with customers, including but not limited to the provision of services, supply of equipment, spare parts, consumables, and other related materials for the effective and efficient operation of non-conventional or conventional energy projects, such as solar, wind, hydro, thermal, hydrogen, biomass, energy storage, batteries, or other energy-generating facilities, whether owned by the Company or third parties. ttttt n11. During the quarter ended March 31, 2025, Venwind Refex Power Limited, a subsidiary of the Company, has signed its first ever term sheet for supply of WTGs and Tubular Towers for 153.7 MW wind power projects, including tubular tower and O&M, by Torrent Solar Power Private Limited, to be set-up in the State of Karnataka n12. During the Quarter ended March 31, 2025, Refex Green Mobility Limited (RGML), a wholly-owned subsidiary of the Company in mutual discussion with Gensol Engineering Limited (Gensol) has called-off the proposed asset takeover of 2,997 electric four-wheelers from Gensol. n13. Refex Green Mobility Limited a wholly owned subsidiary of the Company, has streamlined its Bengaluru operations run through its wholly owned subsidiary i.e., Refex EV Fleet Services Private Limited by phasing out its airport-based EV taxi services. n14. 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 of Rs.50 crores taken from HDFC Bank during the reporting period. n15. Figures have been re-grouped/re-classified/restated to make them comparable to the figures wherever necessary. n16. Figures in brackets are representing negative values.

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	Consolidated	Consolidated
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Remeasurements of defined benefit plan acturial gain/(losses)	0	0
2	Profit/Loss due to cash flow hedge, net of income tax	0	0
	Total Amount of items that will not be reclassified to profit and loss	0	0
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	Remeasurements of defined benefit plan acturial gain/(losses)	-17866000	-17866000
2	Profit/Loss due to cash flow hedge, net of income tax	-1233000	-1253000
	Total Amount of items that will be reclassified to profit and loss	-19099000	-19119000
4	Income tax relating to items that will be reclassified to profit or loss	-4584000	-4584000
5	Total Other comprehensive income	-14515000	-14535000

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			Consolidated
Part I	Blue color marked fields are non-mandatory.
	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax			1999136000
	Adjustments for reconcile profit (loss)
	Adjustments for finance costs			276926000
	Adjustments for decrease (increase) in inventories			-1834000
	Adjustments for decrease (increase) in trade receivables, current			-3695903000
	Adjustments for decrease (increase) in trade receivables, non-current			0
	Adjustments for decrease (increase) in other current assets			-2698360000
	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			1244916000
	Adjustments for increase (decrease) in trade payables, non-current			0
	Adjustments for increase (decrease) in other current liabilities			987448000
	Adjustments for increase (decrease) in other non-current liabilities			0
	Adjustments for depreciation and amortisation expense			325639000
	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			-10468000
	Adjustments for dividend income			0
	Adjustments for interest income			0
	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)			0
	Other adjustments for non-cash items			-180890000
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships			0
	Total adjustments for reconcile profit (loss)			-3943462000
	Net cash flows from (used in) operations			-1944326000
	Dividends received			0
	Interest paid			0
	Interest received			-70976000
	Income taxes paid (refund)			632780000
	Other inflows (outflows) of cash			0
	Net cash flows from (used in) operating activities			-2648082000
	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			-1548062000
	Purchase of property, plant and equipment			0
	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			0
	Cash receipts from repayment of advances and loans made to other parties			0
	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			109862000
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			541160000
	Net cash flows from (used in) investing activities	-897040000
	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			562188000
	Repayments of borrowings			0
	Payments of lease liabilities			411898000
	Dividends paid			0
	Interest paid			0
	Income taxes paid (refund)			0
	Other inflows (outflows) of cash			380000
	Net cash flows from (used in) financing activities			6030502000
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes			2485380000
	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			2485380000
	Cash and cash equivalents cash flow statement at beginning of period			330791000
	Cash and cash equivalents cash flow statement at end of period			2816171000