Refex Renewables & Infrastructure Limited has announced a board meeting on which it approved the financial results for the quarter and half-year.

The standalone results reported a loss of ₹919 lakh for the year with a fully eroded net worth, raising going concern concerns; however, management remains confident due to new business opportunities and shareholder financial support.

The company withdrew its earlier ₹160 Cr rights issue plan due to market conditions and regulatory changes.

It also approved the sale of its entire stake in Ishaan Solar Power Private Limited and its step-down subsidiary SEI Tejas, as these entities are non-core and revenue-insignificant.

Additionally, Refex sold a minor stake in SILRES Energy Solutions and assigned its “SUNEDISON” trademark to SILRES for ₹1 Cr, focusing its branding on the “REFEX” name.

The consolidated results showed a loss of ₹3,639 lakh, with qualifications in the audit related to long-outstanding liabilities in two subsidiaries, whose net worth has been fully eroded and whose financials are prepared on a liquidation basis.

The group is pursuing operational efficiencies, capital restructuring, and new projects including a 100 MW solar power project through a new subsidiary.