Unveils plans to enter into fast growing segments as part of future growth strategy
Ice Make Refrigeration Limited (Ice Make), leading supplier of innovative cooling solutions
and manufacturer of refrigeration equipments, unveiled
its plans to enter into new emerging and fast growing segments like online Food
Chains, Airport Flight Kitchens, Cash & Carry Vans to leverage its
capabilities and basket of innovative products. It is also foraying into
overseas markets in a bid to grow faster. The
Company has upgraded its manufacturing facility located in Chennai and
Ahmedabad to cater to these new segments.
Addressing ICE Make’s 10th Annual General
Meeting (AGM) in Ahmedabad Mr Chandrakant Patel, Chairman, and Managing
Director told the shareholders about the concrete steps it is taking to strengthen
marketing and sales addressing to these new segments and overseas markets. Its core team has identified
several countries having good potential for growth like Nepal, Sri Lanka,
Kenya, Uganda, and Ravanda of East Africa.
Mr Patel said, “Ice Make has a strong roadmap for the future growth
including Company’s strong focus on key business verticals like Ammonia
Refrigeration, Reefer Van, Food Segment, Exports and South India operations
that will help the Company grow faster this financial year as well. In
our Ammonia Refrigeration vertical we have bid for over Rs. 60 Crores of
Projects and hoping to collect orders of about Rs. 20 Crores. Ice Make also has
an Order book in hand for 3000MT Potatoes and Apples Cold Storage facility”
 |
| Mr Chandrakant Patel, CMD, Mr Rajendra Patel, Mr Vipul Patel, Joint MD, ICE Make and Other BOD members and officials at the 10th AGM |
What is more, this year it is working on a plan to
commence fabrication of vessels for storing and holding ammonia so as to cut
down further on delivery period and offer best in class 100% Radiographed
Receivers and Surge Drums to increase the efficiency.
The company is also working on R&D for launching
new in-house products like Dry Containers in transport refrigeration segment
and strategic
talks are on with India’s big players in Refer vehicle business for our pan
India expansions. We are also negotiating with various Airport Flight Kitchens
for food serving and tapping new segment like Cash Van and Carry Van with
reputed companies.
Moreover, we believe
India’s online retail market will grow multi-fold in the next 5-10 years. The
Company is consciously making huge efforts in joining hands with new brands and
leading online food companies which will help not only widen our competitive
edge in the market but also build long term road for growth for our
refrigeration and cold storage products”
Mr Patel added
“The domestic economic
environment has been challenging. However our experienced team having seen many
such cycles in the past has been quick to respond with the plans and strategies,
which have proved to be fruitful in tackling the current economic environment.
Interestingly our basket of products and services are placed in such a manner
that they are largely insulated from weakness in the overall market. Cooling
and refrigeration systems have become necessities of the modern life style and
thanks to under penetration we have been able to grow at decent pace even in
difficult environment” He said
“We are driven by
innovation and over the last 26 plus years the team has worked wonderfully in
defining our growth. Our growth over the last five years has
been healthy at 26.5 % in terms of revenue, 35% in terms of EBIDTA. Out profits
have grown even faster at 64% CAGR in the period mentioned. Our efforts to grow prudently now bring us to a
critical juncture when we become eligible to migrate to main board of NSE in
Dec.2019 and we are happy and confident about this move as early as possible.”
Mr Patel further added, “In
order to be a globally competitive business ICE Make is also strongly focussing
on employee empowerment. We have a strong team of about 500 committed employees
many of whom place the Company's interest above their own. We are consistently
upgrading our human resources through various training programmes to enhance
skills and nurture talents. Ice Make offered an ESOP Plan in 2018 to its
employees and has received 100% acceptance from them. The vesting period for
this initiative starts after March 2020”
We are happy to be a key player in a cooling and
refrigeration industry space that has become investment friendly and driving
significant growth for all stakeholders. As India’s
population is increasing at a rapid pace and the consumption is growing
multi-fold, the need for new applications of refrigeration & cooling
solutions is arising all the time. Ice Make as a key player in the industry is
in the forefront in catering to the cooling requirements of various
industries.
The company serves large number of varied
clients and customers by producing innovative cooling & refrigeration
solutions to industries like Dairy, Ice-Cream, Food Processing, Horticulture, Agriculture,
Pharmaceuticals, Cold Chain, Logistics, Hospitals, Hospitality and Retail among
others.
We have a basket of 50+ refrigeration and cooling solutions products manufactured
under five business verticals like Cold Rooms, Commercial Refrigeration, Industrial
Refrigeration, Transport Refrigeration and Ammonia Refrigeration.” He said.
About Ice Make
Refrigeration Ltd
Ice Make was listed on NSE Emerge on
December 8, 2017. The Company attracted record SMEIPO subscription of over 261
times, worth over 6100 Crores. The Company over the years have 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, India SME 100Award in 2017 and Gold Award for
excellence within its core industry category &2017-18 Vision Award for Annual
Report Competition” hosted by the
League of American Communications Professionals LLC (LACP) where ICE Make was
ranked 27th among the top 100 annual reports globally.
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