Overview:
Refex Industries Limited (NSE: REFEX), established in 2002 and headquartered in Chennai, has positioned itself as a leader in India’s sustainability sector with its diversified portfolio across four major verticals: Ash & Coal Handling, Refrigerant Gases, Power Trading, and Green Mobility.
Financial Performance:
Refex has delivered strong financial performance in Q1 FY’25, marked by robust growth across key metrics:
- Stand-alone Total Income: ₹592.05 crores, a 54.46% increase year-on-year (YoY).
- EBITDA: ₹52.24 crores, reflecting a 42.85% YoY increase.
- PAT: ₹35.97 crores, up 63.39% YoY, with a notable increase in EPS to ₹3.11 (up 56.28% YoY).
- Consolidated Total Income: ₹597.21 crores, a rise of 55.44% YoY.
- Consolidated EBITDA: ₹48.42 crores, marking a 33.04% increase YoY.
- Consolidated PAT: ₹29.35 crores, up by 37.96% YoY.
Segment-wise Performance:
- Ash & Coal Handling: The ash and coal handling segment continues to be the backbone of Refex’s business, contributing a substantial ₹552.62 crores to total revenue this quarter. With a daily ash handling capacity of 50,000 metric tons, the company is benefiting from increased regulatory focus on sustainable ash disposal. This growth trajectory is likely to persist as government regulations drive demand for responsible coal procurement and ash management services.
- Refrigerant Gases: The eco-friendly refrigerant gases business contributed ₹20.92 crores in revenue, reinforcing Refex’s role as a key player in the transition away from harmful CFC and HCFC gases. This segment’s performance aligns with rising demand for environmentally safe refrigerants, especially in sectors such as residential, commercial, and automotive.
- Green Mobility: The green mobility business, led by its subsidiary Refex Green Mobility Limited, showed exceptional growth, generating ₹5.47 crores in revenue. The company’s electric vehicle (EV) fleet grew to 539 vehicles, and this segment recorded a remarkable 470% YoY growth. This reflects Refex’s strategic investments in green transportation, positioning the company well to capitalize on the increasing demand for eco-friendly employee transportation and EV-based rental services.
- Power Trading: The power trading business, backed by Refex’s Category-I power trading license, contributed ₹4.18 crores in revenue during the quarter. With the ability to transact over 7,000 million units of electricity across India, this segment is expected to gain momentum as the country pushes toward renewable and clean energy solutions.
Outlook:
Refex is poised to deliver long-term value to its shareholders and continue contributing to the global fight against climate change.