This company attracted only buyers and skyrocketed 20% today

Refex Industries shares hit an upper circuit of 20%, trading at a 52-week high.

Refex Industries' Shares topped out at Rs 176.70, up 20% from their previous high. The price of the stock is now higher than it has been at any time in the previous 52 weeks. The volume at BSE increased by a factor of 6.39 times. The opening price of the stock was Rs 147.20. The company's current market cap is Rs 371.11 crore. Yesterday, the company disclosed in exchange filings that it would be granting stock options to employees as part of the Refex Employee Stock Option Scheme 2021.

Refex Industries Limited (RIL) is an industry pioneer in the manufacture and refilling of alternative refrigerant gases to chlorofluorocarbons. Its core competencies are in the areas of refrigerant gas, coal ash management, and power trading. The business provides services including the processing and disposal of fly ash, the crushing of raw coal, and the trading of coal to power plants. The group aim to supply electricity and other services to Power consumers, Producers, State Electricity Boards, and Power Utilities Generating and Distribution firms.

The 'Reverse Logistics' programme has been tried out by the firm, whereby the rail racks used to transport coal to power plants are refilled with ash and then transported to cement factories. By doing so, companies can cut down on the number of vehicles needed to collect ash and the freight costs associated with doing so. It intended to implement the model system-wide.

Looking at the company's financials, we can see that their top line in FY22 was Rs 444 crore, which is roughly 30% lower than their revenues in FY21. However, with higher operating margins, the company was able to improve its net profit by Rs 4 crore in FY22, to Rs 45 crore.

The fantastic FYQ1 results, with revenues growing 218% annually and 50% sequentially, are likely also contributing to the rise in share price. Year on year, the net profit has increased by about 100% in the June quarter. During FY22, the company's operations resulted in a negative cash flow.