Shares of Refex Renewables & Infrastructure Ltd surged 11.52% to ₹695.30 on the BSE in Monday’s trade after the company announced a significant order win in the renewable energy segment.
According to an exchange filing, its wholly-owned subsidiary Refex Green Power Ltd has secured a tender from the Madurai City Municipal Corporation to establish a 250 TPD Bio-CNG plant at Avaniyapuram village under the Public-Private Partnership (PPP) model. The total estimated project cost is Rs 78.54 crore, and it will be executed under the Design, Build, Finance, Operate, and Transfer (DBFOT) mode for 20 years.
The scheduled commissioning date for full capacity is within 19 months from the date of the concession agreement, which is expected to be signed within 30 days from the letter of award (LOA).
Despite this positive development, Refex Renewables reported a consolidated net loss of Rs 10.45 crore in Q3 FY25, wider than the Rs 8.54 crore loss in Q3 FY24. Revenue from operations also fell 22.6% year-on-year to Rs 15.90 crore for the quarter ended December 2024.
Refex is involved in providing engineering, procurement, and construction services in the solar power and waste management sectors, and this project adds a crucial component to its green energy portfolio.
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