Refex Industries Limited — Earnings Release 2024

May 25, 2024

May 25, 2024

The BSE Ltd. The National Stock Exchange of India Ltd. 1[st] Floor, New Trading Wing, Rotunda Exchange Plaza, 5[th] Floor, C – 1, Block G Building Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Bandra (E) Mumbai Dalal Street, Fort Mumbai – 400001 – 400051 Scrip Code: 532884 Symbol: REFEX

Dear Sir(s)/ Madam,

Subject: Earnings presentation and Press Release on Audited Standalone & Consolidated Financial Results for the quarter and financial year ended March 31, 2024

Ref.: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”)

Pursuant to the Regulation 30 read with Schedule III of the SEBI Listing Regulations, we are enclosing herewith a copy of the Earnings Presentation and the Press Release, on Audited Standalone & Consolidated Financial Results of the Company for the quarter and financial year ended March 31, 2024.

This disclosure along with the enclosures shall be made available on the website of the Company viz. www.refex.co.in. The Press Release and the presentation are self-explanatory.

This is for your information and record.

Thanking you,

Yours faithfully,

For Refex Industries Limited

GOWRI Digitally signed by GOWRI VALLABHAN VALLABHAN DIVYA DIVYA Date: 2024.05.25 20:07:12 +05'30' G Divya Company Secretary ACS-37320

Place: Chennai Date: May 25, 2024

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Refex Industries Limited Q4 FY24 Investor Presentation

Safe Harbour Statement

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This presentation and the accompanying slides (the Presentation), which have been prepared by Refex Industries Limited (Refex, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantee of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict.

These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks.

The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

2

Investor Presentation

Index

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Contents Page No.
Company Overview 4
Business Overview 13
Management Overview 26
Industry Overview 31
Standalone Q4 FY24 Financial Highlights 35
Standalone Financial Overview 39
The Way Ahead 49
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3

Investor Presentation

Company Overview

Refex Industries: S earheadin Ex onential Growth in Sustainable Solutions p g p

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5

Investor Presentation

Insights into Refex: Essential Facts

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22+
Years of Experience
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PAN India 4
Presence Business Verticals
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Segment Wise FY24 Revenue Ash & Coal Handling – ₹ 946 Cr Power Trading – ₹ 281 Cr Refrigerant Gas- ₹ 72 Cr Solar Power Generation & Related Activities- ₹ 10 Cr Others - ₹ 61 Cr

Total Fleets Owned / Leased 950+

Ranked Within the Nation’s Top 10 Power Traders by Volume of Electricity Traded

For Green Mobility – 479+ For Ash & Coal Handling - 500

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200+ Team Size

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FY24

Total Revenue - ₹ 1,389 Cr EBITDA - ₹ 149 Cr PAT - ₹ 101 Cr

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Ash & Coal Handling – 35,000 MT Daily Refrigerant Gases Capacity - 3,000 MTPA

CO2 Abated due to zero tailpipe Emissions of RGML Fleet - 3,30,000 KG

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FY24

ROE - 21% ROCE - 28%

6

Investor Presentation

Guidin Princi les: Vision & Mission g p

Vision

To be the most preferred company; committed to seeking growth and prosperity by achieving a sustainable competitive share – globally; using innovative solutions, technology and a team of good people.

It is our intent to develop quality partnerships with our shareholders, employees, suppliers, partners, customers and the community in which we operate. We wish to continually set standards of excellence, both personally and professionally, which exemplify our dedication to our goals.

Mission

We will strive to attain our goals by exceeding the needs & expectations of our customers with continuous improvements in quality, productivity, value creation, new product & service offerings and customer satisfaction. Refex Group is dedicated to offering highest quality products & services to our customers while achieving acceptable returns on investments.

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7

Investor Presentation

Defining Direction: Core Values, Purpose & Goals

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Core Values

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Leadership Integrity
Customer by &
Value
Example Transparency
Fairness Excellence
Purpose Goals
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To contribute towards a carbon At the core of our business remains our neutral world by accelerating the commitment to our clients to position clean energy transition Refex Industries Limited as a global player with a clear focus on each business to practice sustainability in all our business endeavours

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8

Investor Presentation

A Path of Innovation & Sustainabilit y

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2002
Refex Industries Limited,
formerly known as Refex
Refrigerant Limited, was
founded
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2003 - 2004
• Established a refrigerant gas refilling facility in
Chennai
• Commended by the Minister of State for Commerce
& Industry, Government of India for introducing
environmental-friendly products in the country
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2007 2022 Refex launched its IPO and got listed on BSE Refex obtained a CAT 1 Power Trading License 2024 2022 RIL through RGML 2018 2023 Invested in Refex EV Fleet Commenced fly ash and Attained an Established & Services Pvt Ltd coal handling services for Investment Grade (REVFSPL) in October '23 operationalized the Green thermal power plants rating of BBB+ from and commended Mobility business. Acuite Rating operations for "The Launched operations of Agency RGML in Chennai in Airport Taxi" category of Bengaluru International September 2023 Airport Ltd.

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9

Investor Presentation

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Refex’s Vertical Wise Presence: S annin Across the Nation p g

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Haryana
Delhi
Uttar Pradesh
Rajasthan
Bihar
Madhya Pradesh
Gujarat
Chhattisgarh
Maharashtra
Mumbai
Karnataka Headquarter
Refrigerant Gas
Bengaluru
Chennai Green Mobility
Ash & Coal Handling
Tamil Nadu
Power Trading
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10

Investor Presentation

Proud Moments: Awards & Accolades

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REFEX certified as a ‘Great Place To Work’ by GPTW in March 2023 REFEX certified as a ‘Great Place To Work’ by GPTW second time in a row in April 2024. Anil Jain Announced as a Bronze Stevie Award winner For the ‘Best Entrepreneur of the Year’ in the conglomerates category (Medium size)

Refex named as a Gold Stevie Award winner conglomerates category (Medium size)

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ASIA'S BEST INTEGRATED REPORT
(FIRST TIME) Bronze-CSR Works,
Singapore
Asia's Best Integrated Report Most Diversified Sustainable
(First Time) Bronze_CSR Works, Company (India) 2023 by
Singapore Business Concept, UK
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Awarded as one of the Best Organisations for Women 2024 by Times Group, ET Edge

Refex has been awarded India's Best Company of the Year, 2022 by Berkshire Media LLC, USA

11

Investor Presentation

Leading the Charge: Commitment to Sustainability Through Innovative Practices

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Energy Conservation

Environmental Restoration

• Committed to a clean energy transition, relying more on renewable energy sources for its

operations

• By 2024, the Refrigerant Plant aims to operate solely on renewable energy

• The Company prioritizes ecosystem restoration and biodiversity conservation

• Actively participate in plantation drives, barren land revival, and sustainable agro-farming practices

• Flagship program, "Trees for Life“, aims to plant and nurture 1,00,000 saplings in the coming years

• Comprehensive measures, including mandatory rainwater harvesting and ground recharge wells at all sites, are underway to achieve water positivity by 2035

Waste Management

• The Company specialises in handling and

• disposal of fly ash, with an aim to mitigate the environmental pollution caused by accumulation of ash in thermal power

plants

Inclusive Workplace

• The Company fosters an inclusive workplace, prioritizing employee growth and diversity through tailored development programs and initiatives, leading to heightened engagement, performance, and competitiveness

12

Investor Presentation

Business Overview

Backbone of Refex: Ex lorin Business Verticals p g

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Ash and Coal Handling
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Refrigerant Gases
Power Trading Green Mobility
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14

Investor Presentation

Revolutionizin Ash Dis osal: Refex Settin the Standard for Sustainabilit g p g y

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In MT
Ash Disposed
60,40,489
Refex forayed into the Ash & Coal Handling business in 2018 . The
Company is a prominent player in the ash disposal sector, mitigating
the environmental pollution caused by the combustion of coal in
thermal power plants. They employ advanced technologies for safe ash
33,80,417
collection, transportation, and disposal, emphasizing sustainability.
34,23,242
30,66,607
Refex repurposes the ash generated for construction of roads,
highways and embankments; and for filling of mines and low-lying
areas, thereby fostering sustainable infrastructure development.
FY21 FY22 FY23 FY24
Consistent growth of ~76% over last year
Presence in States Handling Largest
500 Catering to 15+
Chhattisgarh, Maharashtra, 35,000 MT Organized Player for Ash
Owned / Leased Fleets Power Plants
Madhya Pradesh, Bihar & of Ash Daily Handling
Karnataka
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15

Investor Presentation

Efficient Coal Handlin Solutions: Refex's End-to-End Coal Handlin Ex ertise g g p

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The Company provides comprehensive services for coal yard management
in thermal power plants.
Refex is engaged in
- Round-the-clock management of coal yards
- Over Burden (OB) Excavation
Refex is presently engaged in the excavation of overburden from a captive
Lignite mine located in Rajasthan.
Refex is dedicated to guaranteeing the seamless and efficient supply of
coal to power plants at competitive prices.
CHP Room
Housekeeping
Operations
Presence in States
FY24 Revenue Services Management of
Segregation of
Chhattisgarh, Maharashtra. Heavy
Form Ash & Coal Handling Coal & Stone
Offered
Madhya Pradesh, Uttar Pradesh, Machinery
₹ 946 Cr
Bihar, Rajasthan and Tamil Nadu
Initial Maintenance of
Crushing CHP Equipment
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The Company provides comprehensive services for coal yard management in thermal power plants.

Refex is engaged in

- Coal Trading

- Round-the-clock management of coal yards

- Over Burden (OB) Excavation

Refex is presently engaged in the excavation of overburden from a captive Lignite mine located in Rajasthan.

Refex is dedicated to guaranteeing the seamless and efficient supply of coal to power plants at competitive prices.

16

Investor Presentation

Insights on Refex's Fleet for Ash handling

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Refex operates 500 owned & leased fleets exclusively for Ash handling

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17

Investor Presentation

Data Anal sis & GPS Trackin : Enhancin Efficienc y g g y

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In commitment towards digital transformation of the company, Refex prioritizes leveraging technology to enhance operational efficiency, and profitability, ultimately driving sustained value and growth.

Snapshot of the Software Centralized data collection and analysis are conducted at the headquarters in Chennai Work orders are issued digitally, facilitating streamlined processes Diesel management is enhanced through the utilization of precise and efficient fuel sensors The Company employs centralized GPS tracking for both its own fleet and vehicles belonging to vendors, utilizing services from providers such as Loconav, TATA Fleet Edge, and iAlert

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18

Investor Presentation

Esteemed Clients – Ash & Coal Handling

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Servicing Reputed Cement Companies

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Some of the Key Clients

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19

Investor Presentation

Eco Friendl Refri erant Gases: Refex Leadin the Sustainable Coolin Revolution y g g g

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Since inception in 2002 , Refex Industries Limited has been a pioneering force in the realm of eco-friendly refrigerant gases.

The Company is a prominent supplier of HFC refrigerant gases within India, specializes in procuring these sustainable alternatives to banned CFCs and HCFCs from both China and India.

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Own Brand Installed Capacity 450+
“Refex Cans” 3,000 MT Dealers and Distributors
Refilling Facility in
Tamil Nadu The First Company Range of Products
• To Introduce Disposable R32, R134A, R404A, R407C,
Cans R410A, R152A, R22, R290,
Warehouses in • Provide 450 ml Refilling R600a, HC Blend, and
Delhi and Mumbai Cans Butane
One of the First
Dispatched
FY24 Revenue
ISO Certified Units
2,264 MT
for Refrigerant Gas Refilling HFC Gases in FY24 ₹ 72 Cr
in India
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Commercial and
Domestic Refrigeration
Industrial Refrigeration
Food Processing
Product
Applications
Air Conditioning
Aerosol Propellants
Blowing Agents
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20

Investor Presentation

Esteemed Clients - Refrigerant Gases

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Major Customers

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21

Investor Presentation

Facilitating Power Flow: Refex's Diversification into Power Trading

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Beginning in 2022 , Refex ventured into Power Trading to bridge the gap between producers and consumers.

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Ranked Among the
Top 10 Category 1
Power Traders in India by Power Trading License
Volume of Electricity Traded
Majorly Traded FY24 Revenue
With State Discoms ₹ 281 Cr
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22

Investor Presentation

Esteemed Clients - Power Trading

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Collaborated with Major Suppliers

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As well as state DISCOMS including Haryana, Punjab, Himachal Pradesh, and Tamil Nadu

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23

Investor Presentation

Towards Greener Horizons: Refex Green Mobilit 's Inte rated Mobilit Services y g y

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Refex Green Mobility Limited (RGML), a wholly-owned subsidiary of Refex Industries Limited, commenced Green Mobility operations in Bengaluru in March 2023 .

The Company provides bundled offerings that include electric vehicles, trained and background-verified drivers, a sophisticated technology platform, and dedicated support teams.

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Brand Name 479+ Serves
'Refex eVeelz' Owned / Leased Vehicles B2B & B2C
Refex Utilizes
Operates
FY24 Revenue
100%
Electric Four-wheeler ₹ 12.31 Cr
Vehicles
Electric Vehicles
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~3,30,000 KG of CO2 was abated by RGML's fleet as on April 2024

24

Investor Presentation

Green Mobilit y

Consumers

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25

Investor Presentation

Management Overview

Guiding the Way: Refex’s Board of Directors

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Anil Jain Chairman & Managing Director

Dinesh Kumar Agarwal Whole-time Director & CFO

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Latha Venkatesh Independent Director

Ramesh Dugar Independent Director

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Susmitha Siripurapu Non-Executive Director

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Sivaramakrishnan Vasudevan Independent Director

27

Investor Presentation

Leadershi Roles: Drivin Growth & Innovation p g

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Mr. Anil Jain Chairman & Managing Director

Mr. Anil Jain epitomizes the essence of entrepreneurial success, embarking on his journey at a tender age and carving an illustrious path in the industrial landscape of India. His visionary leadership and unwavering dedication have fueled the growth of his diverse business ventures, aimed at fostering sustainable solutions and eco-friendly energy alternatives. Anil's profound impact extends beyond the boardroom, as he empowers his team, mentors budding entrepreneurs, and champions philanthropic endeavors, exemplifying a holistic approach to business leadership. His contributions, recognized through prestigious accolades like the 'Young Entrepreneur by Times Group' and 'Stevie award', underscore his remarkable achievements and enduring commitment to innovation, empowerment, and societal impact.

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Mr. Dinesh Kumar Agarwal Whole-time Director & CFO

Mr. Dinesh Agarwal, with his extensive background in Corporate Finance, has driven remarkable growth at Refex Group since 2014. His expertise in Audit, Financial Accounting, Planning, Tax, and Fundraising has been crucial to their success. With experience from top organizations like Aircel and Brisk, Dinesh has raised over 3,000 Cr for clients by optimizing financial processes. His extensive experience extends to the Solar EPC segment and Utility-scale projects, while his consultancy services have spanned diverse sectors, from startups to established corporate entities and international NGOs. Dinesh's commitment to excellence has earned him industry recognition and accolades.

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Investor Presentation

Vertical Leadershi : Ke Mana ers Drivin Excellence p y g g

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Lalitha Uthayakumar President – Refrigerant Gas Experience : 30+ Years Qualification : Commerce Graduate

Purvesh Kapadia

Sahil Singla

Head – Corporate Finance

CHRO

Experience : 19+ Years Qualification : MBA, IMT Ghaziabad

Experience : 25+ Years Qualification : MBA, JBIMS

With over 20 years of experience at Refex, Lalitha plays various key roles in the company . Her career started as an accountant, and she now leads the Refrigerants business. Armed with various domain certifications, she excels in analytics and numbers, showcasing performance excellence and leadership.

Proven track record in business process reengineering. He has driven doubledigit growth in prestigious organizations like Terex and Sheetal Group, with over a decade of experience in IT education. At Refex, he has spearheaded the company to be awarded as a 'Great Place to Work' certified company for 2 consecutive years and has also led initiatives which have led to ET Now recognising the company as a 'Best Organisation for Women 2024'

Expert in fundraising, project structuring, and financial analysis. He has raised over $ 5 billion across sectors and possesses expertise in equity investments, regulatory advocacy, and negotiations. Experience in renowned firms like JP Morgan and PTC India Limited.

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Sachin Navtosh Jha

Chief of Staff – Green Mobility & Power Trading Experience : 7+ Years Qualification : MBA, IIM Lucknow

Diligent professional with experience across areas of consulting and general management, with an eye for detail and a knack for contributing towards building businesses from ideas to execution. With prior work experiences at KPMG India and EY India, he now spearheads key initiatives and strategyops at Refex Group, collaborating with business teams in sectors such as Green Mobility and Power Trading verticals.

29

Investor Presentation

Vertical Leadershi : Ke Mana ers Drivin Excellence p y g g

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Ankit Poddar

Harini S

Sonal Jain

Company Secretary & Compliance Officer Experience : 13+ Years

Head – Legal

Head - FP&A

Experience : 17+ Years Qualification : Law graduate

Experience : 19+ Years

Qualification : Fellow Member of Institute of Chartered Accountants of India

Qualification : Associate Member of Institute of Company Secretaries of India, Commerce (Hons.) Graduate, University of Delhi&Law Graduate, Meerut University

With a background spanning manufacturing, solar, and EPC sectors, he excels in financial reporting and internal controls for listed entities. He has worked with numerous listed entities and has released quarterly/annual results of listed entity as per the requirement of SEBI/LODR. He is an expert in identifying revenue leakages and ways of fixing the same.

Legal expert with experience in prestigious firms like HCL Technologies and Tattva Group. At Refex, she serves as General Counsel, overseeing contracts, litigation, mergers, corporate governance, and leading the POSH committee.

Responsible for Secretarial function at Refex Group. As an associate member of the Institute of Company Secretaries of India, his expertise lies in managing corporate and securities laws, investor relations, and secretarial matters. With experience in mergers, acquisitions, takeovers, and fund-raising, he previously worked with Sterlite Power (Vedanta Group).

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Gagan Bihari Pattnaik

Head – ESG & Sustainability

Experience : 18+ Years

Qualification : M.Tech in CivilEnvironmental Engineering, UPTU

Specializes in areas like decarbonization, climate change, energy conservation, and ESG strategies. He also possesses a Diploma in ESG Analysis from EFFAS, Germany, a Certificate in Corporate Sustainability from NYU Stern, USA, and a Certificate in CSR from IICA, Ministry of Corporate Affairs, India.

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Srividya.N

Head – Corporate Communications

Experience : 20+ Years Qualification : Masters in Public Administration & PG in Digital Marketing, Mudra Institute of Communications

Experienced professional skilled in communication, social media, digital marketing, and event management. Passionate about diversity and inclusion, with a history of leading award-winning initiatives and heading POSH committees. Strong in process definition and project management, with a successful track record at Satyam, UST, Accenture, and AGS Health.

30

Investor Presentation

Industry Overview

Overview of the Indian Fluorochemicals Market: Insights & Projections

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In 2023, the Indian fluorochemicals market displayed strong growth and significant requirements from the HFC gases market, highlighting its substantial presence and contributions.

• Indian fluorochemicals market in 2024: $770 million (₹6430 crore)

• Segmented into Fluorocarbons (40.4%), Specialty products (39.5%), and Other products (20.1%)

• Projected market size by 2027: $1151 million (₹9611 crore), with similar segment shares

• India's refrigerant HFC gases market valued at ₹2598 crore, with 50,000 MT total volume

• Domestic manufacturers provide 24,000 MT valued at ₹1169 crore, capturing ~48 % of the market

• Imports contribute 10,000 MT worth ₹520 crore

• India's refrigerant exports stand at 19,000 MT valued at ₹911 crore

• Key refrigerant types include R134a, R410, R32, and R22

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Source: marknteladvisors.com

32

Investor Presentation

India's Coal Industr : Ke Hi hli hts y y g g

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India's Coal Industry Sees Record Production, Emphasizes Sustainability in Ash Disposal

• India achieved a record-high coal production of 892.74 MMT in FY23, catering to demands from crucial sectors like power, steel, and cement

• Coal and lignite-based power plants contribute 69% of India's electricity, generating ash posing environmental risks

• Despite diversification efforts, coal consumption has doubled since 2007, growing annually at 6% due to population growth and industrial activities

• Government mandates proper ash disposal, using trucks, bulkers, and rail rakes for compliance and sustainability

• Coal plays a critical role in supporting industries such as steel production and cement manufacturing, ensuring a stable energy supply

• Ash utilization rose from 6.64 MMT in FY 1996-97 to 259.86 MMT, nearing 96% utilization

• With constraints on hydroelectric projects and nuclear power concerns, coal is anticipated to remain a pivotal part of India's energy mix to meet escalating energy needs

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Coal Production (MMT)
892.74
778.20
728.72 730.87 716.08
FY19 FY20 FY21 FY22 FY23
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• Ongoing efforts seek eco-friendly disposal methods, aiming for 100% utilization within 3-5 years

• Ash finds diverse applications in cement, brick, and road construction, fostering sustainable practices and tech innovations

• Non-compliance with disposal regulations incurs penalties, stressing adherence to environmental standards

• The ash industry sees growth potential amidst rising demand for cleaner energy, driving innovation in disposal and utilization

• Projections anticipate ash production hitting 437 MMT by 2030, with increased utilization, particularly in cement

Source: Ministry of Coal

33

Investor Presentation

Insights into India's Power Sector

India's Power Generation Surges in FY23, Setting Records Amidst Dynamic Sector Growth

• India's power generation in FY23 grew by 8.87%, the highest in over 30 years, reaching 1,624.15 billion kWh

• By November 2023, power generation in India for FY24 reached 1,176.13 BU

• • FY10 to FY23 saw a CAGR of 4.75% in electricity generation in India • The Union Budget 2022-23 allocated US$885 million (Rs. 7,327 crore) for the solar power sector

• FY24's electricity generation target from conventional sources is set at 1,750 BU

• Power consumption in April 2023 stood at 130.57 BU, indicating continued demand growth

• Nathpa Jhakri Hydro Electricity Station achieved a new monthly power generation record

• The target includes thermal, hydro, nuclear, and renewable energy sources, with 8 BU planned to be imported from Bhutan

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Total Generation in India
(Including Renewable Sources) (BU)
1800
1,624.15
1600
1,491.85
1,389.10
1,376.10
1400
1,308.15
1,241.69 1,234.44
1,173.60 1,176.13
1200
1,110.39
1,020.20
1000 969.51
928.11
850.39
808.5
800
600
400
200
0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
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Source:Ministry of Power & CEA

34

Investor Presentation

India's Electric Vehicle Revolution: Targeting 80 Million EVs by 2030

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• India's electric vehicle sector is rapidly expanding, driven by government incentives and environmental concerns.

• Ambitious targets for EV adoption by 2030 include significant proportions in various vehicle categories, aiming to revolutionize the transportation landscape.

• The global electric vehicle market is projected to reach staggering values, with a forecasted increase from US$ 255.54 billion in 2023 to approximately US$ 2,108.80 billion by 2033, showing a notable CAGR of 23.42%.

• In 2023 alone, India saw a substantial increase in EV sales, reaching 1.52 million units, indicating a promising trajectory.

• Infrastructure development, particularly in charging stations, is crucial for sustained growth, with plans for extensive expansion by 2030, targeting at least 1.32 million installations.

• Major industry players are actively enhancing charging infrastructure to improve accessibility nationwide.

• EV finance industry is expected to see substantial growth by 2030, reaching Rs. 3.7 lakh crore (US$ 50 billion), providing further support for the sector's expansion.

• Government reiterates commitment to 30% electric mobility by 2030.

• FAME II scheme, launched in April 2019, with a budget of $1.43 billion, focuses on public and shared transportation electrification.

• Electric Mobility Promotion scheme, with a $60.18 million budget, operational from April 1 to July 31, 2024.

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35

Investor Presentation

Standalone Q4 FY24 Financial Highlights

Last Five Quarter Performance

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In ₹ Cr

Particulars	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23
Revenues	337.38	301.51	350.31	381.37	630.13
Other Income	8.32	3.22	4.80	1.93	1.85
Total Income	345.70	304.72	355.11	383.30	631.97
Raw Material Costs	280.73	258.46	308.46	334.17	548.16
Employee Costs	4.39	4.34	3.97	3.51	2.80
Other Expenses	8.76	5.05	2.85	7.12	5.62
Total Expenditure	293.87	267.85	315.28	344.79	556.58
EBITDA	43.50	33.66	35.03	36.57	73.55
EBIDTA Margin (%)	12.89	11.16	10.00	9.59	11.67
Finance Costs	7.10	7.29	5.75	6.25	5.89
Depreciation	2.22	2.23	2.21	2.15	1.87
PBT	42.52	27.34	31.90	29.93	67.63
Tax	6.77	7.57	8.50	7.92	17.23
PAT	35.76	19.78	23.40	22.01	50.67
PAT Margin (%)	10.34	6.49	6.59	5.74	8.04

37

Investor Presentation

Standalone Financial Overview

Ke Financial Hi hli hts y g g

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----- Start of picture text -----

Total Income EBITDA & EBITDA Margin PAT & PAT Margin
EBITDA EBITDA Margin PAT PAT Margin
1,637.44
174.65
1,388.84 116.06
148.75
100.95
45.39
60.87
448.98
13.55 10.12
10.67 10.85 7.07 7.27
FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24
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All Figures In ₹ Cr and Margin In %

39

Investor Presentation

Profit & Loss Statement

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In ₹ Cr

Particulars	FY24	FY23	FY22
Revenues	1,370.56	1,629.15	443.96
Other Income	18.28	8.29	5.03
Total Income	1,388.84	1,637.44	448.98
Raw Material Costs	1,181.82	1,422.47	355.47
Employee Costs	16.21	14.04	13.16
Other Expenses	23.77	17.99	14.46
Total Expenditure	1,221.80	1,454.50	383.09
EBITDA	148.76	174.65	60.87
Finance Costs	26.40	19.41	12.63
Depreciation	8.80	6.89	5.65
Exceptional Items	(0.13)	(0.25)	13.38
PBT	131.70	156.39	60.98
Tax	30.76	40.33	15.59
PAT	100.95	115.82	45.44

40

Investor Presentation

Balance Sheet

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In ₹ Cr

Equities & Liabilities FY24 FY23 FY22 Equity 23.14 22.11 21.00 Reserves 449.52 292.29 162.96 Net Worth 472.66 314.40 183.96 Non Current Liabilities Long Term Borrowing 38.96 40.46 1.03 Lease Liabilities 62.13 64.98 67.60 Long Term Provision 1.21 0.47 0.81 Total Non Current Liabilities 102.30 105.91 69.43 Current Liabilities Short Term Borrowings 57.24 41.12 14.05 Lease Liabilities 2.85 2.62 2.43 Trade Payables 52.43 192.59 77.25 Other Financial Liabilities 5.82 4.10 2.27 Other Current Liabilities 54.97 91.33 31.54	Assets FY24 FY23 FY22
	Non Current Assets
	Fixed Assets 152.82 150.01 85.42
	Non Current Investments 81.12 73.85 74.00
	Other Non Current Financial Assets 14.00 0.00 7.00
	Deferred Tax Assets (Net) 2.20 1.92 1.00
	Other Non Current Assets 0.73 0.36 0.04
	Total Non Current Assets 250.87 226.14 167.46
	Current Assets
	Inventories 7.19 10.81 7.46
	Trade Receivables 305.41 245.17 116.43
	Cash & Bank Balance 32.89 10.18 0.29
	Other Current Financial Assets 83.40 84.01 81.31
	Contract Assets 38.32 36.08 0.00
	Other Current Assets 30.19 139.67 7.99
Total Current Liabilities 173.31 331.75 127.54	Total Current Assets 497.40 525.91 213.47
Total Liabilities 748.27 752.05 380.93	Total Assets 748.27 752.05 380.93

41

Investor Presentation

Cash Flow Statement

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In ₹ Cr

Particulars	FY24	FY23	FY22
Cashflow from Operations	-4.49	27.91	-13.82
Cashflow from Investments	-15.62	-77.66	-5.14
Cashflow from Financing	42.83	59.64	2.01
Net Cash flow	22.72	9.89	-16.96
Opening Cash Balance	10.18	0.29	17.24
Closing Cash Balance	32.90	10.18	0.29

42

Investor Presentation

Ke Ratios y

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(In %) (In %)
ROE ROCE
36.92
33.74
24.67
21.36
27.56
22.67
FY22 FY23 FY24 FY22 FY23 FY24
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Trade receivables turnover ratio (In Times)
9.01
4.98
4.24
FY22 FY23 FY24
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Trade payables turnover ratio (In Times)
10.56
9.62
4.02
FY22 FY23 FY24
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43

Investor Presentation

Ke Ratios y

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(In Times)
Debt to Equity Current Ratio (In Times)
2.87
0.46 0.47
0.34
1.67
1.59
FY22 FY23 FY24 FY22 FY23 FY24
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Debt Service Coverage Ratio (In Times)
3.06
2.27
1.93
FY22 FY23 FY24
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Net capital turnover ratio (In Times)
8.39
5.17
4.23
FY22 FY23 FY24
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44

Investor Presentation

Vertical-S ecific Revenue Insi hts p g

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----- Start of picture text -----

FY24 (In %) FY23 (In %) FY22 (In %)
4.06% 0.42%
4.17
0.00
16.65
0.76%
0.71 0.69
5.28% 2.63
3.95
8.50
11.51
72.22
78.96 0.00
20.50%
69.00%
Solar Power Generation
Ash & Coal Handling Business Power Trading Refrigerant Gas Sale of Service Other Income
and Related Activities
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(In ₹ Cr)

Business Verticals	FY24	FY23	FY22
Ash & Coal Handling	945.59	1,286.41	320.63
Power Trading	280.90	187.55	0.00
Refrigerant Gas	72.30	64.41	37.72
Solar Power Generation and Related Activities	10.36	11.54	11.67
Sale of Service	55.64	67.99	73.94
Other Operating Revenues	5.76	11.24	0.00
Total	1,370.48	1,629.15	443.96

45

Investor Presentation

Stock Data

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NSE: REFEX BSE: 532884 | ISIN: INE056I01025 SHARE HOLDING PATTERN
Source - BSE As on 24-05-2024 As on 31-03-2024
Share Price (₹) 143.05 0.22%
Market Capitalization (₹ Cr) 1,583.30 44.50%
55.28%
No. of Shares Outstanding 11,56,81,390
Face Value (₹) 2.00
52 week High-Low (₹) 184.79 – 94.83 Promoter & Promoter Group Public Institutions
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Share Performance From 01 January 2014 Till Date

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----- Start of picture text -----

1000 1800000
Volume Price
1600000
800 1400000
1200000
600
1000000
800000
400
600000
200 1430.5 400000
200000
0 0
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Source - BSE

Note: Stock Split 5:1 Record Date – 22[nd] March 2024

46

Investor Presentation

The Way Ahead

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Strate ic Initiatives for Ash & Coal Handlin Ex ansion g g p

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Ash & Coal Handling

• Increasing Capacity : Doubling the capacity for ash collection, transportation, and disposal to accommodate larger volumes of ash and coal

• Geographical Expansion : Entering 10 additional states to tap into new markets

• Fleet Expansion : Acquiring additional trucks, loaders, and specialized vehicles to increase the fleet size.

• Collaborative Sustainability Initiatives : Entering into MOUs and alliances with industry associations and environmental organizations for collaborative sustainability initiatives

• R&D Investment : Investing in R&D efforts to explore innovative technologies and processes for ash recycling and utilization, aiming for a revenue growth of 2X through these strategic initiatives

• :

• Optimization of Coal Trading Operations Targeting coastal areas for coal trading operations to optimize logistical efficiency and reduce transportation costs

48

Investor Presentation

Driving Growth: Advancing Refrigerant Gases & Green Mobility

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Refrigerant Gases

• Geographical & Capacity Expansion : Refex is planning to expand geographically and expand capacity to cater to the rising demand

Green Mobility

• New Contracts : The Company will explore both organic as well as inorganic expansion strategy to deploy more vehicles to support the improvement in use of 4 wheeler EV for people mobility

• New Clients : The company is planning to associate with all large OEM’s (Original Equipment Manufacturer) for bulk orders, and focus further on Tier 2 and 3 cities

• Increase in Fleet : The Company will focus on increasing its fleet size to 5,000 EVs by end of FY27

• Geographical Expansion : Plans to expand operations beyond Bengaluru and Chennai into new cities, tapping into the growing demand for eco-friendly transportation solutions nationwide

• Technology Investment: Continual investment in technology and support infrastructure

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49

Investor Presentation

Power Tradin Ex ansion: Diversif in Nationwide g p y g

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Power Trading

• The company aims to diversify its contract portfolio by engaging in short-term and medium-term agreements with both power generators and buyers nationwide

• Embracing both bilateral modes and electronic platforms like power exchanges and Over-the-Counter (OTC) platforms provides versatility in transaction methods

• Operating at a pan-India level expands market reach, enhancing opportunities for profitable transactions

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Investor Presentation

50

Thank You

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Refex Industries Limited

2nd Floor, No.313, Refex Towers, Sterling Road, Nungambakkam, Chennai, Tamil Nadu – 600034

E-mail: investor.relations@refex.co.in Phone: 044 4340 5900 Website: www.refex.co.in

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Kirin Advisors Private Limited

713-B, Lodha Supremus II, Wagle Estate, Thane West – 400 604 E-mail: info@kirinadvisors.com Phone: 022 4100 2455

Website: www.kirinadvisors.com

Annexure- A

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Refex Industries Reports ₹ 101 Crore Standalone PAT in FY24

Chennai 25[th] May 2024 – Refex Industries Limited. (NSE - REFEX | BSE - 532884) , which is committed to promote sustainability in India with a diverse portfolio encompassing Ash & Coal Handling, Refrigerant Gases, Power Trading, and Green Mobility, has announced its Audited Financial Results for Q4 & FY24 today.

Key Financial Highlights

	Standalone	Standalone
Particulars(₹ Cr)	Q4 FY24	FY24
Total Income	345.70	1,388.84
EBITDA	43.50	148.75
EBITDA(%)	12.89	10.85
PAT	35.76	100.95
PAT Margin(%)	10.34	7.27
EPS	3.23	9.12

	Consolidated	Consolidated
Particulars(₹ Cr)	Q4 FY24	FY24
Total Income	350.31	1,401.13
EBITDA	41.25	146.10
EBITDA(%)	12.05	10.57
PAT	33.37	92.98
PAT Margin(%)	9.53	6.64
EPS	3.02	8.40

Other Key Highlights:

• Standalone Revenue Composition for FY24:

• Ash & Coal Handling: ₹945.58 crore

• Power Trading: ₹280.90 crore

• Refrigerant Gas: ₹72.31 crore

• Sale of Service: ₹55.64 crore

• Solar Power: ₹10.36 crore

• Others: ₹5.77 crore

• In FY24, a total of 289,200 options were granted to eligible employees under the ESOP Scheme.

• Invested in a company with an order to provide 600+ electric 4W vehicles for plying as airport taxi, in the B2C segment, for 5 Years

• Current fleet of Refex Green Mobility Ltd. is at 479 cars which is catering to prominent IT and Banking organisations

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Commenting on the performance, Mr. Anil Jain, Chairman & Managing Director of Refex Industries Limited said, "We are pleased with the resilient performance delivered by Refex Industries in FY24. Our unwavering commitment to sustainability is reflected in these results, underscoring our dedication to advancing eco-friendly practices across our operations.

The primary reason for the decline in revenue is the approximately 45% decrease in coal prices compared to the previous year. Despite this, we have increased the volumes for coal handling and successfully maintained our EBITDA margins.

Looking ahead, we are strategically poised to double our ash handling capacity. The current ash handling market is valued at approx. ₹ 25,000 crore in India, and we aim to be a significant organised player in the coming years.

In the ongoing year, we are committed to expand our geographical presence, increase our ash handling capacity, and also increase our fleet size in the Green Mobility sector. Our step-down subsidiary in the Green Mobility vertical has commenced operations at Bengaluru airport, which is currently operating a 100+ EV 4 wheelers in “The Airport Taxi” category, as an authorised partner of the Bengaluru International Airport Ltd. (BIAL), and shall scale up to 600+ in the next 4 months’ time.

We firmly believe that aligning economic prosperity with environmental stewardship creates lasting value. As we continue on this path of sustainable growth, we remain steadfast in our commitment to making a meaningful difference in the fight against climate change and fostering a greener, more sustainable future for generations to come.”

About Refex Industries Limited

Refex Industries Limited, established in 2002 and headquartered in Chennai, is a leading force in promoting sustainability in India. The company's diverse portfolio includes Ash & Coal Handling, ecofriendly Refrigerant Gases, Power Trading, and Green Mobility initiatives. With over 21 years of experience, Refex is committed to advancing sustainable practices and combating climate change through its comprehensive solutions and services.

Specializing in the trading of environmentally friendly refrigerant gases and responsible coal procurement and ash disposal, Refex also holds a Category-I license for interstate Power Trading, allowing it to transact over 7,000 Mn Units of electricity nationwide. Through its subsidiary, Refex Green Mobility Limited, the company offers electric vehicle solutions for passenger mobility (to enable corporate transportation using 4W EVs and also B2C offerings), reinforcing its commitment towards greening the mobility sector with technology enabled solutions.

For FY24, the Company had reported Total Revenues of ₹ 1,389 crore, EBITDA of ₹ 149 crore and Profit After Tax of ₹ 101 Crore.

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Disclaimer

Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

For Further Information Please Contact Corporate Communication Advisor

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Kirin Advisors Private Limited Sunil Mudgal – Director sunil@kirinadvisors.com +91 98692 75849 www.kirinadvisors.com

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