During Monday’s trading session, the shares of a company with a diverse portfolio, including ash & coal handling, eco-friendly refrigerant gases, power trading, and green mobility initiatives, surged 3.3 percent to Rs. 504 on BSE, following the incorporation of a subsidiary in the Power & Energy industry.
With a market cap of Rs. 6,018.6 crores, at 12:42 p.m., the shares of Refex Industries Limited were trading in the green at Rs. 498.6, up by around 2.2 percent, as against its previous closing price of Rs. 487.85.
What’s the News:
Refex Industries Limited, according to the latest regulatory filings with the stock exchanges, announced that the Ministry of Corporate Affairs has approved the incorporation of a wholly-owned subsidiary, named “Venwind Refex Power Limited,” on 20th December, belonging to the Power & Energy industry.
The objective behind this incorporation of Venwind Refex Power Limited is to undertake projects focused on sustainable energy. This includes activities such as trading, manufacturing, production, assembly, distribution, and marketing of various sustainable energy assets, along with their components, systems, and related equipment.
The subsidiary will also be involved in consulting, engineering, EPC, OEM, research and development, and training services and managing, owning, and operating power plants based on sustainable energy sources.
Additionally, it will focus on the commercialization and leasing of these assets and offer logistics, transportation, and related services for sustainable/renewable energy projects.
Financials:
The company reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 50 percent, rising from Rs. 352 crores in Q2 FY24 to Rs. 528 crores in Q2 FY25.
Likewise, during the same period, the company’s net profit increased from Rs. 21.4 crores to Rs. 31 crores, representing an impressive growth of around 45 percent YoY.
EBITDA for Q2 FY25 increased by about 36 percent YoY to Rs. 46.44 crores, up from Rs. 34.2 crores in Q2 FY24.
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Stock Performance:
The stock has delivered multibagger returns of nearly 307.3 percent in one year, as well as around 204.7 percent returns in the last six months. So far in 2024, the shares of Refex Industries have given multibagger returns of about 288.3 percent.
About the company:
Established in 2002, Refex Industries Limited, a leading force in promoting sustainability in India, has a diverse portfolio that includes ash & coal handling, eco-friendly refrigerant gases, power trading, and green mobility initiatives. It also holds a Category-I license for interstate Power Trading.
Through its subsidiary, Refex Green Mobility Limited, the company offers electric vehicle (EV) solutions for passenger mobility (to enable corporate transportation and B2B2C offerings using 4W EVs).
Written by Shivani Singh
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