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 ₹ 459 Cr.
- Current Price ₹ 1,021
- High / Low ₹ 1,166 / 360
- Stock P/E
- Book Value ₹ -63.8
- Dividend Yield 0.00 %
- ROCE 4.70 %
- ROE -54.5 %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 257 to 33.5 days.
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 1.18% over past five years.
- Company has a low return on equity of -35.9% over last 3 years.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|
0 | 71 | 63 | 72 | 53 | 76 | 75 | 70 | |
0 | 62 | 74 | 97 | 60 | 67 | 42 | 42 | |
Operating Profit | -0 | 9 | -11 | -25 | -7 | 9 | 33 | 29 |
OPM % | 13% | -18% | -35% | -13% | 11% | 44% | 41% | |
0 | 2 | 2 | 12 | 11 | 20 | 18 | 6 | |
Interest | 0 | 0 | 6 | 14 | 20 | 35 | 42 | 41 |
Depreciation | 0 | 0 | 4 | 15 | 17 | 16 | 18 | 18 |
Profit before tax | -0 | 11 | -19 | -42 | -32 | -23 | -8 | -25 |
Tax % | -20% | 31% | 11% | -36% | 14% | 33% | 313% | |
-0 | 8 | -22 | -27 | -37 | -30 | -34 | -43 | |
EPS in Rs | -0.16 | 17.19 | -47.60 | -61.60 | -72.36 | -52.07 | -55.03 | -84.41 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 1% |
3 Years: | 2% |
TTM: | -21% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 14% |
TTM: | -96% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 171% |
3 Years: | 136% |
1 Year: | 171% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | -29% |
3 Years: | -36% |
Last Year: | -55% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|
Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
Reserves | 0 | 8 | 117 | 182 | 57 | 33 | 9 | -33 |
0 | 24 | 109 | 152 | 334 | 474 | 419 | 436 | |
0 | 38 | 78 | 51 | 157 | 90 | 76 | 106 | |
Total Liabilities | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 513 |
0 | 13 | 169 | 171 | 173 | 172 | 458 | 454 | |
CWIP | 0 | 0 | 19 | 33 | 231 | 288 | 0 | 0 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
5 | 61 | 120 | 185 | 147 | 142 | 51 | 59 | |
Total Assets | 5 | 74 | 308 | 389 | 551 | 602 | 509 | 513 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|
-1 | -14 | -46 | 84 | -55 | 120 | ||
2 | 5 | -62 | -159 | -74 | -14 | ||
3 | 4 | 119 | 74 | 125 | -107 | ||
Net Cash Flow | 5 | -4 | 10 | -1 | -3 | -1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|
Debtor Days | 70 | 297 | 334 | 431 | 305 | 33 | |
Inventory Days | 74 | 88 | 114 | 193 | 42 | ||
Days Payable | 291 | 316 | 3,802 | 438 | 664 | ||
Cash Conversion Cycle | 70 | 80 | 106 | -3,256 | 60 | -589 | |
Working Capital Days | 59 | 174 | 353 | -259 | 77 | -101 | |
ROCE % | 60% | -11% | -10% | -4% | 3% | 5% |
Documents
Announcements
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Board Meeting Intimation for Proposal For Fund Raising.
3m - Board meeting rescheduled to discuss fund raising.
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Board Meeting Intimation for Fund Raising, By Way Of Issue Of Non-Convertible Debentures, On A Private Placement Basis
30 Nov - Board meeting to consider fund raising via debentures.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
9 Nov - Publication of extracts of unaudited financial results, both on standalone and consolidated basis, for the 2nd quarter and half year ended September 30, 2024, in …
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Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
8 Nov - Issuance of duplicate share certificates due to loss.
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Announcement under Regulation 30 (LODR)-Diversification / Disinvestment
8 Nov - Board approved Q2 financial results and new subsidiaries.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Financial Year 2009
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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