Refex Renewables & Infrastructure Ltd — Board Meeting, 21-05-2025: Board Meeting

Refex Renewables & Infrastructure Limited has announced a board meeting to approve the financial results for the quarter and half-year. The company reported a standalone net loss of ₹919 lakh for the year, with earnings per share at a negative ₹20.74. Net worth remains negative, raising concerns about its ability to continue as a going concern, but management is pursuing new business opportunities and has shareholder support. The board approved the withdrawal of a previously planned ₹160 Cr rights issue amid market uncertainties. The company is divesting its wholly-owned subsidiary, Ishaan Solar Power Private Limited, due to misalignment with core business and negligible revenue. Additionally, it sold a minor stake in SILRES Energy Solutions and assigned its “SUNEDISON” trademark to SILRES for ₹1 Cr. The consolidated financials show a loss of ₹3,639 lakh with earnings per share at a negative ₹81.26. Audit reports revealed qualifications related to certain subsidiaries’ outstanding liabilities and previous write-backs of ₹449.43 lakh and ₹1,125 lakh respectively, for which sufficient audit evidence was not available. These issues have persisted since 2018-19. The group’s net worth is fully eroded; however, financial support from affiliates and restructuring efforts are underway. The consolidated results include new subsidiaries focused on 100 MW solar projects and compressed bio-gas production. An arbitration settlement in favor of a subsidiary resulted in an exceptional income of ₹336 lakh. The group is working on regulatory compliance concerning foreign currency transactions and foreign exchange filings for certain subsidiaries.