Refex Renewables Narrows Net Loss, Cancels Rs 160 Crore Rights Issue

Refex Renewables & Infrastructure reported a significant reduction in its consolidated net loss to Rs 5.02 crore for the March quarter, an improvement over the Rs 10.84 crore loss recorded in the same period the previous year.

The company's total income increased to Rs 24.98 crore from Rs 20.34 crore, marking a positive trend in its financial performance. Nonetheless, the financial year FY25 presented a bleaker picture with losses widening to Rs 36.39 crore compared to Rs 34.42 crore in the previous year.

In a significant development, the board decided to cancel the proposed Rs 160 crore rights issue, a decision made during their meeting on May 22, 2024.

(With inputs from agencies.)