Refex Renewables & Infrastructure Ltd — Results, 21-05-2025: Result

Refex Renewables & Infrastructure Limited has announced a board meeting on which it approved the financial results for the quarter and half-year, declaring an unmodified audit opinion on standalone results but a modified opinion on consolidated results due to qualifications related to two subsidiaries with unsettled liabilities and accounting issues. The company is withdrawing its previously approved ₹160 Cr rights issue amid market uncertainty and plans to reassess capital needs. It approved the sale of its entire stake in Ishaan Solar Power Private Limited and its subsidiary SEI Tejas, as their businesses are non-core and financially weak, with minimal impact expected on consolidated financials. It sold 0.01% stake in SILRES Energy Solutions at face value and assigned its “SUNEDISON” trademark to SILRES for ₹1 Cr, aligning its branding under “REFEX.” Standalone results showed a loss of ₹919 lakh for the year with net worth turning further negative. The consolidated group reported a loss of ₹3,639 lakh and fully eroded net worth, raising going concern challenges, though management is pursuing new business opportunities, operational efficiencies, and capital restructuring, supported by shareholders. The audit report on consolidated financials highlighted continuation of long-standing qualification issues and foreign exchange compliance matters in subsidiaries.