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ICE Make‘s H1 top-line grow to Rs 57.55 Crore

Backed by 100% export growth and strong order book

Ice Make Refrigeration Limited (Ice Make), leading supplier of innovative cooling solutions and manufacturer of refrigeration equipments, has posted total revenue of Rs. 57.55 Cr for H1FY20, which stood marginally up as compared to Rs 57.46 Cr recorded in the corresponding period of H1FY19. However, inspite of improved order book, on account of higher employee expenses towards new skilled manpower and top management recruitments its standalone and consolidated net profit for this period stood lower at Rs 0. 95. Cr and Rs 0.61 Cr respectively compared to Rs 2.63 Cr posted in H1FY19. During the period company’s EBIDTA margin stood at 5.8 % as compared to 9% for H1 FY20.

Company’s Chairman and Managing Director Mr Chandrakant Patel, said, “Despite challenging business environment ICE Make was able maintain growth in revenue. Moreover, we are more confident at this juncture on the back of our investments in building robust capabilities and capacities whose benefits will be visible soon. This buoyancy is also reflected in our growing order book, which stood at Rs 37 Cr (as against 22 Cr H1FY19) comprising of Rs 7 Cr ammonia refrigeration projects. Besides, exports have been growing faster. In this H1FY20 alone, our exports have grown nearly 100 percent and crossed the total export revenue figure of last financial year. Our Export sales (excluding SEZ) in current financial year stood at Rs. 3.14 Cr as against Rs 2.19 Cr. in previous year”

Key highlights and updates

Ø  In bid to leverage its capabilities and basket of innovative products ICE Make is eyeing new emerging and fast growing segments like online Food Chains, Airport Flight Kitchens, Cash & Carry Vans.

Ø  The Company is also foraying into overseas markets to grow faster. The Company has upgraded its manufacturing facility located in Chennai and Ahmedabad to cater to these new segments.

Ø  To help us in our growth journey the company has recruited and built a team of highly talented and experience people. The upfront cost of this drive to building capabilities is now visible in the financial performance.  

Ø  Ice Make has a basket of 50 plus innovative products and services that are placed in such a manner that they are largely insulated from weakness in the overall marketand thus helping the company maintain consistency in its performance.

Ø  For more updates, the Company will hold Earnings Conference Call to discuss the H1FY20 results on Thursday 14 November 2019 at 12.15 PM.


Growth History 
Ice Make Refrigeration Limited has been posting a strong financial performance over the last many years.  In terms of pure numbers over the last five years, the Company has been successfully maintaining a healthy pace of growth at about 26.5 % in revenue, 35% in EBIDTA and PAT is growing at 64% CAGR. 

Its revenue for the full year FY19 rose by 27.44% to Rs. 129.58 Cr. While the Net Profit for the full year ended March 31, 2019 grew 18.11% to Rs. 7.83 Cr.

 Company Background 
Ice Make has been successfully satisfying the needs of its customers, fromproduction 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.

The Company operates under five key business verticals including Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration & Ammonia Referigeration 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 Ahmedabad, Gujarat and Chennai.

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.

Location: Ahmedabad, Gujarat, India

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