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 ₹ 223 Cr.
- Current Price ₹ 497
- High / Low ₹ 645 / 318
- Stock P/E
- Book Value ₹ 65.8
- Dividend Yield 0.00 %
- ROCE 2.78 %
- ROE -47.2 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 7.54 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -25.7% over last 3 years.
- Contingent liabilities of Rs.112 Cr.
- Earnings include an other income of Rs.27.4 Cr.
- Company has high debtors of 305 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
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 | TTM | |
---|---|---|---|---|---|---|---|
0 | 71 | 63 | 72 | 53 | 76 | 93 | |
0 | 62 | 74 | 97 | 60 | 67 | 67 | |
Operating Profit | -0 | 9 | -11 | -25 | -7 | 9 | 26 |
OPM % | 13% | -18% | -35% | -13% | 11% | 28% | |
0 | 2 | 2 | 12 | 11 | 20 | 27 | |
Interest | 0 | 0 | 6 | 14 | 20 | 35 | 45 |
Depreciation | 0 | 0 | 4 | 15 | 17 | 16 | 16 |
Profit before tax | -0 | 11 | -19 | -42 | -32 | -23 | -9 |
Tax % | 20% | 31% | -11% | 36% | -14% | -33% | |
-0 | 8 | -22 | -27 | -37 | -30 | -35 | |
EPS in Rs | -0.16 | 17.19 | -47.60 | -61.60 | -72.36 | -52.07 | -50.02 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 7% |
TTM: | 57% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | -3% |
TTM: | 3% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 143% |
3 Years: | 121% |
1 Year: | 33% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | -24% |
3 Years: | -26% |
Last Year: | -47% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|
Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
Reserves | 0 | 8 | 117 | 182 | 57 | 33 | 25 |
Preference Capital | 0 | 0 | 0 | 21 | 25 | 30 | |
0 | 24 | 109 | 131 | 308 | 444 | 412 | |
0 | 38 | 78 | 72 | 182 | 120 | 85 | |
Total Liabilities | 5 | 74 | 308 | 389 | 551 | 602 | 527 |
0 | 13 | 169 | 171 | 173 | 172 | 461 | |
CWIP | 0 | 0 | 19 | 33 | 231 | 288 | 3 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
5 | 61 | 120 | 185 | 147 | 142 | 63 | |
Total Assets | 5 | 74 | 308 | 389 | 551 | 602 | 527 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|
-1 | -14 | -46 | 84 | -55 | ||
2 | 5 | -62 | -159 | -74 | ||
3 | 4 | 119 | 74 | 125 | ||
Net Cash Flow | 5 | -4 | 10 | -1 | -3 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|
Debtor Days | 70 | 297 | 334 | 431 | 305 | |
Inventory Days | ||||||
Days Payable | ||||||
Cash Conversion Cycle | 70 | 297 | 334 | 431 | 305 | |
Working Capital Days | 59 | 174 | 353 | -259 | 77 | |
ROCE % | 60% | -11% | -10% | -4% | 3% |
Documents
Announcements
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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
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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
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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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Financial Year 2007
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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