Refex Renewables & Infrastructure Ltd

Refex Renewables & Infrastructure Ltd

₹ 475 0.19%
26 Jul - close price
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 213 Cr.
  • Current Price 475
  • High / Low 645 / 351
  • Stock P/E
  • Book Value -98.8
  • Dividend Yield 0.00 %
  • ROCE -27.2 %
  • ROE %
  • Face Value 10.0

Pros

  • Company has reduced debt.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -18.6% over past five 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

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
9.71 18.60 13.93 29.11 22.33 11.55 12.49 4.24 4.98 9.03 5.93 3.67 1.97
23.70 20.07 16.82 30.14 26.71 14.02 14.49 5.44 14.05 9.18 6.95 4.20 4.06
Operating Profit -13.99 -1.47 -2.89 -1.03 -4.38 -2.47 -2.00 -1.20 -9.07 -0.15 -1.02 -0.53 -2.09
OPM % -144.08% -7.90% -20.75% -3.54% -19.61% -21.39% -16.01% -28.30% -182.13% -1.66% -17.20% -14.44% -106.09%
8.32 0.61 0.60 0.72 3.59 1.82 1.75 1.04 3.89 0.20 0.22 0.06 0.53
Interest 0.75 0.38 0.20 0.28 0.69 1.10 1.26 1.55 2.88 1.11 1.02 0.96 0.99
Depreciation 0.11 0.11 0.10 0.10 0.10 0.10 0.10 0.10 0.09 0.08 0.07 0.06 0.06
Profit before tax -6.53 -1.35 -2.59 -0.69 -1.58 -1.85 -1.61 -1.81 -8.15 -1.14 -1.89 -1.49 -2.61
Tax % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3.83%
-6.53 -1.35 -2.59 -0.69 -1.58 -1.85 -1.61 -1.81 -8.15 -1.14 -1.89 -1.49 -2.51
EPS in Rs -14.54 -3.01 -5.77 -1.54 -3.52 -4.12 -3.59 -4.03 -18.15 -2.54 -4.21 -3.32 -5.59
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
0.00 0.00 0.00 0.00 0.00 0.00 57.45 49.93 65.11 83.97 35.32 20.60
0.03 0.02 0.04 0.06 0.06 0.10 56.79 61.97 82.15 93.73 46.48 24.39
Operating Profit -0.03 -0.02 -0.04 -0.06 -0.06 -0.10 0.66 -12.04 -17.04 -9.76 -11.16 -3.79
OPM % 1.15% -24.11% -26.17% -11.62% -31.60% -18.40%
0.01 0.00 0.00 0.00 0.00 0.00 0.11 0.79 9.81 5.52 4.95 1.01
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.11 2.13 2.13 1.56 6.80 4.08
Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.13 0.39 0.42 0.38 0.27
Profit before tax -0.02 -0.02 -0.04 -0.06 -0.06 -0.10 0.65 -13.51 -9.75 -6.22 -13.39 -7.13
Tax % -100.00% -50.00% -25.00% -16.67% -16.67% -20.00% 76.92% 0.00% 0.00% 0.00% 0.00% -1.40%
0.00 -0.01 -0.03 -0.04 -0.05 -0.07 0.16 -13.50 -9.76 -6.22 -13.39 -7.03
EPS in Rs 0.00 -0.02 -0.07 -0.09 -0.11 -0.16 0.36 -30.07 -21.74 -13.85 -29.82 -15.66
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: %
5 Years: -19%
3 Years: -32%
TTM: -42%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 9%
TTM: 41%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 108%
1 Year: 7%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: %

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 4.74 4.74 4.74 4.74 4.74 4.49 4.49 4.49 4.49 4.49 4.49 4.49
Reserves -0.02 -0.03 -0.06 -0.10 -0.15 0.03 0.18 -13.32 -22.90 -29.12 -42.54 -48.84
0.00 0.00 0.00 0.00 0.00 0.00 11.27 21.37 42.41 60.81 61.64 43.20
0.00 0.00 0.00 0.00 0.00 0.01 1.80 65.29 87.24 61.63 19.56 15.89
Total Liabilities 4.72 4.71 4.68 4.64 4.59 4.53 17.74 77.83 111.24 97.81 43.15 14.74
0.00 0.00 0.00 0.00 0.00 0.00 0.01 1.75 1.61 1.35 1.07 0.87
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 0.01 0.01 0.01 0.01 0.01 0.01 5.90 7.57 26.14 25.15 5.92 5.92
4.71 4.70 4.67 4.63 4.58 4.52 11.83 68.51 83.49 71.31 36.16 7.95
Total Assets 4.72 4.71 4.68 4.64 4.59 4.53 17.74 77.83 111.24 97.81 43.15 14.74

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-0.02 -0.01 4.54 -0.06 -0.06 -0.09 -9.65 19.59 7.58 -17.80 -56.62 18.56
0.00 0.00 0.00 0.00 0.00 0.00 -5.88 -29.50 -27.11 0.98 60.04 -0.08
0.00 0.00 0.00 0.00 0.00 0.00 11.27 9.92 20.41 16.85 -4.32 -18.46
Net Cash Flow -0.02 -0.01 4.54 -0.06 -0.06 -0.09 -4.26 0.00 0.88 0.03 -0.89 0.02

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 36.28 178.81 109.09 18.52 241.20 7.09
Inventory Days 0.61
Days Payable 216.98
Cash Conversion Cycle 36.28 178.81 109.09 18.52 241.20 -209.28
Working Capital Days 71.28 46.13 -10.60 39.29 157.18 -135.90
ROCE % -0.64% -0.42% -0.85% -1.29% -1.30% -2.20% 15.84% -79.92% -41.71% -15.49% -17.03% -27.18%

Shareholding Pattern

Numbers in percentages

1 Recently
Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 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% 25.00% 24.99% 25.00% 24.99% 24.99% 24.99% 25.01% 25.01% 25.00%
No. of Shareholders 7838908628711,0691,0941,1051,1661,2661,3252,4952,580

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