Chennai-based Refex Industries’ turnover for 2022-23 has more than tripled to Rs 1,637 crore from Rs 449 crore for the previous year. Net profit rose to Rs 116 crore from Rs 45 crore, up 157 per cent.
Earnings per share (of face value of Rs 10) for the year stood at Rs 53.90 (R2 21.61). The board has recommended a dividend of Rs 2 per share, or 20 per cent.
In the fourth quarter of 2022-23, turnover and net profit were at Rs 632 crore and Rs 50 crore respectively, compared with Rs 178 crore and Rs 24 crore in the corresponding quarter of the previous year.
Refex Industries’ three major business lines are coal and ash handling, solar power generation and selling refrigerant gases. Last year, the company entered power trading. The bulk of the increase in turnover and net profit for 2022-23 came from ‘coal and ash handling’. Revenues from this segment were Rs 1,286 crore, up from Rs 320 crore previously. Profit from this segment amounted to Rs 129 crore, compared with Rs 27 crore previously, indicating improved margins.
Also read: SEBI tightens norms for price sensitive information after study finds corporates flouting rules
During the year, the company earned revenues of Rs 187 crore and net profit of Rs 42 crore from power trading.
In 2022-23, Refex Industries also incorporated a new subsidiary, ‘Refex Green Mobility Ltd’ at an investment of ₹9.99 lakh.