Total Revenue up
15.70% to Rs 101.68 cr
BOD Recommend Final
Dividend of Rs 1 per Equity Share
Ice Make Refrigeration Limited (Ice Make), one of the leading manufacturer &
supplier of cooling solutions equipment,
has reported strong financial results for FY18 and the second half of financial
year ended March 31, 2018. The Company’s net profit for FY18 rose by 32.19 % to
Rs 6.63 crore compared to Rs 5.10 cr posted in
FY17. The
Company’s total revenue grew by 15.70% to Rs. 101.68 Crore as compared to Rs
87.88 Cr reported in the corresponding financial year (FY17) The Company’s
revenue for the second half of FY 2018 grew at 16.31% to Rs 61.42 Crores while
net profit for the period rose by 30.03% to Rs 4.49 Crores.
During the year
Company’s EBIDTA went up by 0.92 %
YoY to Rs 12.38 crores while EBIDTA Margin improved to 12.25% compared to 11.33%
in FY’17. PAT Margin improved to
6.52% compared to 5.71% in FY’17
The Board of Directors of the Company at its
meeting held on May 24, 2018 recommended final dividend of Rs 1.00 per equity
share of Rs 10/each, for the financial year ended 31 March 2018.
During the year the Company received a
revision in rating from BBB Minus (Triple B Minus) to BBB Plus
(Triple B Plus) from CARE Ratings which
indicates stable and positive business outlook of the company.
Commenting of the financial performance Mr Chandrakant Patel,
Chairman and Managing Director, Ice Make Refrigeration Limited, said, “It gives me immense
pleasure to announce that we have achieved an important financial milestone as
the Company has surpassed Rs 100 cr annual turnover this year on account of
positive business environment driven
by the growth of supermarkets, hypermarkets, food parks and organized food
retail chains. Indian Commercial
Refrigeration Equipment Market is heading towards healthy growth and ICE Make
is at the sweet spot to take advantage of huge opportunities coming from growing demand for processed
foods, growth of retail market, food parks and the entry of multinational
retail giants, establishment of new and modern cold storage facilities,
shift towards cultivation of horticulture crops, which will necessarily push up
demand for refrigeration equipment’s and vehicles”
“ICE Make is
dedicated to produce high quality end –to-end customized cooling solutions and
services to divers set of customers across industries. Our commitment is to
consistently exceed customer’s expectations, quality, on-time delivery and earn
trust & respect of our clients and stakeholders. We are confident of
achieving sustainable business growth by value creation through continuous hard
work & innovation while constantly remaining agile & adaptable to
change and challenges” added Mr Patel
ICE MAKE REFRIGERATION LIMITED has been successfully satisfying the
needs of its customers, from production to after-sales service, since 1993. The Company is
engaged in the business of providing customized cooling solutions to diverse
set of clients across wide range of industries by manufacturing and supply of
high quality refrigeration products & equipment’s. ICE Make was listed on
NSE Emerge on December 8, 2017. The Company attracted record SME IPO
subscription of over 260 Times, worth over 6000 Crore. The Company operates
under four key business verticals including Cold Room, Commercial
Refrigeration, Industrial Refrigeration & Transport Refrigeration and caters to wide range of Industries
including Dairy, Ice-cream, food processing, agriculture, pharmaceuticals, Cold
Chain, Logistics, hospitals, Hospitality and retail among others. The Company also exports it
products to overseas clients 21 countries. ICE Make has its manufacturing
plants located at Dantali in Gandhi Nagar District Ahmedabad and Chennai. The Company
received several awards and accolades including Indian Leadership Award for
Industrial Development in 2011, Best Medium Enterprise (Manufacturing) by
Canara Bank & Skoch Award in 2014 and India SME 100 Award in 2017.
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