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INDUSTRIES LIMITEDMain BoardEquity2024-04-012025-03-312025-04-232025-04-17INRLakhsQuarterlyFourth quarterMulti segment2025-04-2314:00:002025-04-2317:00:00trueCash Flow IndirectDeclaration of unmodified opinion2025-01-012025-03-31AuditedConsolidated6277593000161246000643883900024765080002867126000229150001271240008806400011623200014569700058436660005951730000595173000157137000-4118100011595600004792170000000479217000-14515000464702000483165000-3948000471233000-653100025836500023.713.52003.713.522024-04-012025-03-31AuditedConsolidated2467663100050358100025180212000543651400016370806000-183400039288800027692600032563900038013700023181076000199913600001999136000498213000-829120004153010000158383500000001583835000-1453500015693000001587783000-39480001575832000-653100025836500021186957600012.9312.380012.9312.38Other expenses145697000Other expenses38013700033321270009676600052000121849000754520003074470000251550003326020001334930008545600041777970007414900006767746000281617100070428300003019570001059015700015721000313407300013814100000179918970002583650001186957600012127941000-62010001212174000091840600000096556700018839730002370000019076730007983540000171725600017172560003128060002828416000108114500078010004512200003962484000587015700017991897000Ash and Coal Handling business5916887000Refrigerant gas - Manufacturing (Refilling) and Sales165961000Electric vehicle154455000Sale of service0Power trading12431000Solar Power - Generation and related activities27859000Wind Power0Others0Corporate0Ash and Coal Handling business22355731000Refrigerant gas - Manufacturing (Refilling) and Sales615881000Electric vehicle376469000Sale of service46500000Power trading1089987000Solar Power - Generation and related activities116206000Wind Power0Others75857000Corporate062775930002467663100000627759300024676631000Ash and Coal Handling business677798000Refrigerant gas - Manufacturing (Refilling) and Sales16143000Electric vehicle-61702000Sale of service0Power trading-3635000Solar Power - Generation and related activities12815000Wind Power-16402000Others0Corporate-103026000Ash and Coal Handling business2181750000Refrigerant gas - Manufacturing (Refilling) and Sales30944000Electric vehicle-268355000Sale of service31473000Power trading47312000Solar Power - Generation and related activities57912000Wind Power-17657000Others4784000Corporate-295683000521991000177248000088064000276926000-161246000-5035810005951730001999135000Ash and Coal Handling business10325360000Refrigerant gas - Manufacturing (Refilling) and Sales325369000Electric vehicle1902238000Sale of service0Power trading141498000Solar Power - Generation and related activities537527000Wind Power623073000Others0Corporate013855065000413683200017991897000Ash and Coal Handling business2924881000Refrigerant gas - Manufacturing (Refilling) and Sales15960000Electric vehicle1345399000Sale of service0Power trading73763000Solar Power - Generation and related activities638798000Wind Power244698000Others0Corporate052434990001274839800017991897000Notes: <BR> 1. 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. <BR> The Statutory auditors of the company have carried out their audit on the above results for the Quarter & year ended 31st march 2025. <BR> 2. 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. <BR> 3. 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. <BR> 4. 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. <BR> During 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). <BR> The funds raised will be strategically utilized for investments in subsidiary companies, capital expenditures, working capital needs, repayment of existing loans, and general corporate purposes. <BR> Out 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. <BR> During 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. <BR> 5. 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. <BR> 6. 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. <BR> 7. 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. <BR> 8. 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. <BR> 9. 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. <BR> Additionally, it will focus on the commercialization and leasing of these assets and offer logistics, transportation, and related services for sustainable/renewable energy projects. <BR> The 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. <BR> 10. 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. <BR> 11. 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 <BR> 12. 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. <BR> 13. 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. <BR> 14. 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. <BR> 15. Figures have been re-grouped/re-classified/restated to make them comparable to the figures wherever necessary. <BR> 16. Figures in brackets are representing negative values.276926000-1834000-36959030000-2698360000000012449160000987448000032563900000000-10468000008263000-199199000000-1808900000-3943462000-194432600000-709760006327800000-264808200000000000-154806200000000000000000000001098620000541160000-89704000000587983200000000562188000041189800000038000060305020002485380000024853800003307910002816171000Remeasurements of defined benefit plan acturial gain/(losses)0Profit/Loss due to cash flow hedge, net of income tax00Remeasurements of defined benefit plan acturial gain/(losses)0Profit/Loss due to cash flow hedge, net of income tax0000Remeasurements of defined benefit plan acturial gain/(losses)-17866000Profit/Loss due to cash flow hedge, net of income tax-1233000-19099000Remeasurements of defined benefit plan acturial gain/(losses)-17866000Profit/Loss due to cash flow hedge, net of income tax-1253000-19119000-4584000-4584000-14515000-14535000AuditedtrueABCD & CO LLPtrue2028-02-29