Refex Renewables & Infrastructure Ltd

Refex Renewables & Infrastructure Ltd

₹ 1,021 -1.62%
04 Dec 3:16 p.m.
About

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.

Key Points

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

  • 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
15 11 17 15 9 17 35 17 21 21 18 18 14
16 19 20 12 10 11 35 9 11 12 11 9 9
Operating Profit -1 -8 -3 3 -0 6 -1 8 10 8 7 9 5
OPM % -5% -75% -18% 19% -2% 35% -2% 47% 48% 39% 38% 49% 35%
12 2 6 3 3 2 12 12 1 2 3 0 0
Interest 5 5 5 7 7 7 13 11 11 11 10 10 10
Depreciation 4 4 4 4 4 4 3 4 5 5 5 4 5
Profit before tax 2 -16 -7 -5 -9 -4 -5 6 -5 -5 -5 -6 -10
Tax % 101% 9% -1% 9% 5% 19% 113% 142% 129% 118% 121% 53% 32%
-0 -18 -7 -5 -10 -4 -11 -3 -10 -11 -11 -8 -13
EPS in Rs -0.07 -37.22 5.72 -9.73 -19.89 -9.55 -12.92 -2.47 -15.61 -19.02 -17.95 -19.13 -28.31
Raw PDF

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%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
25.00% 25.00% 25.00% 24.99% 25.00% 24.99% 24.99% 24.99% 25.01% 25.01% 25.00% 24.99%
No. of Shareholders 8908628711,0691,0941,1051,1661,2661,3252,4952,5802,486

Documents