Refex Renewables & Infrastructure Ltd
Refex Renewables Infrastructure company has a rich legacy in the silicon industry and was originally formed in 1959 with the establishment of the Monsanto Electronic Material Company (MEMC), a division of the multinational Monsanto Corporation. Initially, its business pioneered and focused on the manufacturing of silicon wafers for semiconductors in the burgeoning electronics industry.
- Market Cap ₹ 231 Cr.
- Current Price ₹ 515
- High / Low ₹ 645 / 318
- Stock P/E
- Book Value ₹ -91.3
- Dividend Yield 0.00 %
- ROCE -17.0 %
- ROE %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
Cons
- Company has low interest coverage ratio.
- Company has high debtors of 241 days.
- Working capital days have increased from 62.0 days to 157 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57 | 50 | 65 | 84 | 35 | 24 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57 | 62 | 82 | 94 | 46 | 34 | |
| Operating Profit | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 1 | -12 | -17 | -10 | -11 | -11 |
| OPM % | 1% | -24% | -26% | -12% | -32% | -46% | |||||||
| -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 10 | 6 | 5 | 4 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 2 | 7 | 6 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 1 | -14 | -10 | -6 | -13 | -13 |
| Tax % | 9% | 100% | 50% | 25% | 17% | 17% | 20% | 77% | 0% | 0% | 0% | 0% | |
| -0 | 0 | -0 | -0 | -0 | -0 | -0 | 0 | -14 | -10 | -6 | -13 | -13 | |
| EPS in Rs | -0.22 | 0.00 | -0.02 | -0.07 | -0.09 | -0.11 | -0.16 | 0.36 | -30.07 | -21.74 | -13.85 | -29.82 | -28.22 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -11% |
| TTM: | -53% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 4% |
| TTM: | -85% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 144% |
| 3 Years: | 118% |
| 1 Year: | 38% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | % |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | -13 | -23 | -29 | -43 | -45 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 21 | 42 | 61 | 62 | 41 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 65 | 87 | 62 | 20 | 17 | |
| Total Liabilities | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 18 | 78 | 111 | 98 | 43 | 17 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 1 | 1 | 1 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 8 | 26 | 25 | 6 | 6 |
| 5 | 5 | 5 | 5 | 5 | 5 | 5 | 12 | 69 | 83 | 71 | 36 | 10 | |
| Total Assets | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 18 | 78 | 111 | 98 | 43 | 17 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -0 | -0 | -0 | 5 | -0 | -0 | -0 | -10 | 20 | 8 | -18 | -57 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6 | -30 | -27 | 1 | 60 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11 | 10 | 20 | 17 | -4 | |
| Net Cash Flow | 0 | -0 | -0 | 5 | -0 | -0 | -0 | -4 | 0 | 1 | 0 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 36 | 179 | 109 | 19 | 241 | |||||||
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 36 | 179 | 109 | 19 | 241 | |||||||
| Working Capital Days | 71 | 46 | -11 | 39 | 157 | |||||||
| ROCE % | -2% | -1% | -0% | -1% | -1% | -1% | -2% | 16% | -80% | -42% | -15% | -17% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Acquisition
11 Apr - Acquisition of additional stake / investment in 03 step-down subsidiary companies.
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 5 Apr
- Notices Of Demand To Subsidiaries, Under Section 156 Of The Income-Tax Act, 1961. 4 Apr
- Compliance Certificate Under Regulation 40(9) Of The SEBI LODR Regulations, 2015 4 Apr
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
4 Apr - 22 physical share certificates (comprising 2,200 equity shares) have been dematerialized during the quarter ended March 31, 2024.
Annual reports
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
-
Financial Year 2010
from bse
-
Financial Year 2009
from bse
-
Financial Year 2007
from bse
1959: Monsanto Chemical Company founded Monsanto Electronic Materials Company (MEMC) as a merchant manufacturer of 19-mm silicon wafers.
1961: Dynamit Nobel Silicon, (DNS) builds a polysilicon and Czochralski ingot plant in Merano, Italy
1962: MEMC pioneers the chemical mechanical polishing process (CMP). MEMC begins using the recently developed Czochralski (CZ) crystal growing process.
1966: MEMC begins production 5 of 1.5-inch wafers
1970: MEMC’s plant in Kuala Lumpur, Malaysia begins producing 2.25- inch wafers.
1979: MEMC introduces 125 mm wafers
1982: MEMC develops EPI wafers for CMOS applications
1984: MEMC begins producing 200mm wafers and builds a pilot plant
1995: MEMC launches IPO
2003: With perfect timing – just as growth in the PV industry begins accelerating, Refex Renewables company is founded as a commercial PV developer of PPA projects
2004: MEMC enters a licensing agreement with Silicon Genesis Corp (SiGen) to manufacture wafers using SiGen’s layer transfer technology
2004: PV industry demand begins to surge as crystalline supplies become constrained. Prices for wafers at >$3.00/Wp
2006: MEMC agrees to supply Suntech Power with solar grade silicon wafers for ten years and receives a warrant to purchase a 4.9% stake in Suntech company
2006: Polysilicon prices spike with spot prices at >$400/kilogram
2009: MEMC acquires Refex Renewables company
2010: MEMC acquires crystal growth technology company Solaicx for $66-million