Refex Industries Limited Q1 FY'25 Earnings Conference Call Summary
Financial Performance
• Total Income: INR 592.05 crores (54.46% YoY increase)
• EBITDA: INR 52.24 crores (42.85% increase)
• PAT: INR 35.97 crores (63.39% increase)
• Revenue Growth: Green mobility segment saw a 470% increase.
Business Segments
• Diverse Operations: Includes ash and coal handling, refrigerant gases, and green mobility.
• Handling Capacity: Currently at 50,000 tons daily, with plans for fleet expansion based on orders.
Management Insights
• Sustainability Commitment: Emphasis on operational efficiency and sustainability.
• Future Growth: Optimism for continued quarter-on-quarter growth.
• Capital Expenditure: Planned INR 100 crores, funded through internal resources.
Investor Queries
• Loan Repayment: Confirmed on track for repayment by Sherisha Technologies.
• CFO Hiring: Strong accounts team in place; no immediate plans for a new CFO.
• Vision 2030 Roadmap: Management aims to provide clarity by the upcoming AGM.
Operational Highlights
• Coal and Ash Handling Focus: Operations are logistics-based, not manufacturing.
• Revenue Generation: Currently generating INR 500 crores with full asset utilization.
• Growth Potential: Targeting an increase in ash handling from 6 million tons to 18 million tons.
Market Dynamics
• Monsoon Impact: Quarters 1, 3, and 4 are typically stronger than quarter 2.
• Future Fundraising: Potential INR 1000 crores for working capital needs.
Profitability Outlook
• Current Profitability: Already profitable at the gross level; EBITDA profitability expected next year.
• Fleet Expansion: Anticipated improvements in profitability as fleet size increases.
Strategic Diversification
• Electric Vehicles (EVs): Viewed as a strategic opportunity aligned with logistics and sustainability trends.
• B2B Focus: Majority of fleet business is B2B, with some B2C presence.
Conclusion
• Overall Performance: Strong revenue growth driven by coal and ash handling.
• Future Preparedness: Management is ready to meet increasing demand in ash handling and EV sectors.

Refex Industries Limited Earnings Conference Call Summary
Call Details
• Date: May 30, 2024
• Event: Earnings Conference Call held on May 27, 2024
• Participants:
• Mr. Anil Jain (Chairman and Managing Director)
• Mr. Dinesh Kumar Agarwal (Whole-Time Director and CFO)
• Ms. Chandni Chande (Moderator from Kirin Advisors)
• Compliance: SEBI regulations
Company Overview
• Established: 2002, based in Chennai
• Sectors: Refrigerant gases, ash and coal handling, green mobility, power trading
• Sustainability Focus: Emphasis on climate change mitigation and eco-friendly products
Financial Performance
• Q4 FY24 Total Income: INR 345.7 crores
• Annual Total Income: INR 1,388.84 crores
• Q4 EBITDA: INR 43.50 crores (12.89% margin)
• PAT: INR 35.76 crores
• Challenges: Revenue drop due to falling coal prices, but stable EBITDA margins maintained
Business Segments
Coal and Ash Handling
• Volume Handled: 1 million tons of coal and 6 million tons of ash annually
• Future Plans: Increase ash handling from 35,000 to 60,000 metric tons daily
• Profitability: 12% net profit; 30-40% CAGR growth anticipated
Electric Vehicle (EV) Services
• Current Fleet Size: 479 vehicles, targeting 2,000 by March 2025 and 5,000 by March 2027
• Corporate Transport: Focus on B2B and airport taxi services with a target of 660 vehicles
Refrigerant Gases
• Market Size: Relatively small, with limited growth expected
• Challenges: Price fluctuations and customs duties affecting profitability
Strategic Initiatives
• Growth Focus: Volume-led growth in ash handling; improving operational efficiencies
• Long-term Contracts: Expanding agreements with cement companies for ash disposal
• Diversification: Exploring logistics and electric vehicle services to mitigate risks
Capital Expenditure
• Current Year Capex: INR 55 crores, primarily bank-funded
• Electric Vehicle Initiative: Additional INR 130 crores required for fleet expansion
Future Outlook
• Vision for 2025 and 2030: Expansion into new revenue areas while managing risks
• Market Opportunities: Significant growth potential in organized ash disposal and electric vehicle services
Conclusion
• Next Steps: Further discussions on Refex Renewables in a separate conference.