Ice Make’s First Post Listing Annual
General Meeting (AGM 2018)
Highlights of Chairman Message
At the First Post Listing Annual
General Meeting of Ice Make Refrigeration Limited held at Eulogia Inn Hotel in
Ahmedabad on August 25, 2018,
Chairman and Managing Director, Mr. Chandrakant P. Patel listed several
landmark achievements such as Company garnering record IPO subscription,
improvement in Company’s Credit Rating, Top Line crossing 100 Crores of Revenue
Mark and shared roadmap for the future growth including launch of Solar Cold
Room and Company’s foray into Ammonia based refrigeration that will help the
Company grow faster.
In his First address
to the Company’s shareholders Mr. Patel spoke about Company’s performance,
guiding philosophy, growth strategies, opportunities, industry changes and
business challenges. He told to the full packed audience that “This is my 10th
year as a Chairman of this fast emerging Company. It is a rare privilege and a
great responsibility. In our two and half decade history, we have seen various
changes and challenges and have earned valuable experience, expertise, trust, goodwill and reputation during our
successful growth and journey. The Company’s SME IPO received a record
subscription worth Rs. 6100 Crores
in November 2017 which reflects the growing confidence and expectations market
has from us. The world of refrigeration and cooling equipment market is
evolving rapidly and the Company is adapting fast to benefit from the huge
opportunities and meet the expectations of the shareholders and investors. Ice Make
is fully geared up to achieve steady growth in earnings which would be
translated into a growing stream of tax-free dividends for shareholders”
He further said that the business environment in FY
2017-18 was difficult for Indian companies which faced slow down due to effects
of demonization and GST Implementation.
In this challenging situation as well, Ice Make coped reasonably well
and reported good growth in revenue and profits which encouraged the Board of
Directors to propose 10% dividend
which will be paid soon.
Company
delivered the best results in FY 2017-18 as the Company achieved the highest turnover in and surpassed 100 Crore
revenue mark for the first time. The Company’s total revenue grew by 15.70% to
Rs. 101.68 Crore as compared to Rs 87.88 Crores reported in the corresponding
financial year of FY 2016-17. The Company’s net profit for FY 2017-18 rose by
32.19 % to Rs 6.63 Crore compared to Rs 5.10 Crores posted in FY 2016-17.
In
terms of pure numbers over the last five years the Company’s revenues grew at a
healthy pace of 26.86(roundup as
other CAGR) %, EBIDTA by 40.65% and PAT
at 65.26% CAGR. There have been
significant improvements over the years in revenues, profitability and resource
utilization. The Company has been successful in creating Class Apart customer experience, performance, position in our
industry space.
He
further added “I would humbly say being
one of the India’s leading manufacturers and suppliers of cooling solutions
equipment, we have created value through
shared focus and a perfect balance between quality, service and
customer satisfaction. Our 25,000+ customers and our newly added investor family is a testimony of the
confidence we have created in the marketplace. It gives us a competitive edge
in the market and makes us a Class Apart
Brand. We have adopted a strong four pillar approach for being Class Apart-Customer Delight, Employee Empowerment, Investor
Value Creation and Community Welfare
which are at the heart of our corporate vision, mission and philosophy. People,
products and processes are important force behind healthy pace of growth and
all these are receiving considerable attention and investment”
In his concluding remarks he said
“Before I end my long speech, I would like to convey my sincere thanks to all
our employees for their dedicated contribution to the Company's performance. To
my colleagues on the Board, I convey my gratitude for their wise counsel and
guidance. We deeply value the continued patronage of our clients and customers.
And finally, let me thank you, our valued shareholders, personally and on
behalf of the Board, for your support and attending the AGM. I hope to see you
again next year.”
About Us
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 261 times, worth over 6100
Crores. 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’s
products to overseas clients in 21 countries. Ice Make has its manufacturing
plants located at Dantali,near (small) Ahmedabad, Gujarat 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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