Refex Renewables Q2 result: Loss widens to Rs 13 cr, income at Rs 14 cr

Refex Renewables & Infrastructure Ltd (RRIL) on Friday reported a consolidated loss of Rs 12.69 crore in September quarter, mainly on account of a fall in income.

It had posted a Rs 10.48 crore loss in the quarter ended September 2023, the company said in an exchange filing.

The company's total income declined to Rs 14.38 crore in the quarter under review, from Rs 21.36 crore in the second quarter last fiscal.

The board of the company also approved incorporation of two companies as wholly-owned subsidiaries which would operate in the wind energy sector.

The new subsidiaries will be able to explore untapped growth in the wind energy segment and further, it would ensure better feasibility in raising financing from the lenders for the specific project / assets.

The board also approved disinvestment of 24.50 per cent equity stake held in its subsidiary Refex Green Energy Limited.

"RRIL and Winvision (JV Partners) shall hold equity stake in RGEL (JV entity) in the ratio of 75.5 : 24.5 (JV Ratio). RRIL will be a major shareholder with 75.5 per cent and Winvision shall be a JV partner with 24.5 per cent equity stake in RGEL," it said.