“We have successfully maintained strong business fundamentals and corporate philosophy and I want to assure all our stakeholders that Ice Make is absolutely determined not only to safely navigate but sustain and continue to improve its performance, customer delight, employee welfare and value creation” -Chandrakant Patel, CMD
Ice Make Refrigeration Limited (Ice Make), one of
the leading manufacturer & supplier of cooling solutions equipment, has maintained its financial
performance for the financial year ended March 31, 2020 despite slowdown in
demand and economic growth in pre-covid19 period. The company reported total revenues of Rs 137.65 Cr for the full year of
FY20 compared to Rs. 129.58 Cr. reported
in the corresponding last financial year of FY19. The Net
Profit for the full year ended March 31, 2020 stood at 7.17 Cr compared to Rs. 7.83
Cr. posted in FY19.
During the investor conference call
today Ice Make said compared to the first half of FY20 the Company performed
much better in the second half. Backed by strong order book the total
sequential revenue for the second half of FY20 rose by 38.4% over H1of FY20. The
Company clocked sales of Rs 79.32 Cr in the period vs Rs 57.31 Cr in the 1st
half of FY20. The net profit for this period H2FY20 stood at Rs 6.22 Cr,
compared to Rs. 0.95 Cr. posted in H1 of FY20.
Mr. Chandrakant P.
Patel, Chairman & Managing Director, Ice Make Refrigeration Limited, said, “The world is going through an unprecedented
change right now. Corona global pandemic has forced people to think in new ways.
Things are undergoing drastic changes be it business, health or systems. Except
essential product and services business you may not find any business that has
not affected either directly or indirectly. Even in this one of the most challenging
business and health environment we have not removed any employee from the job”
Mr Patel further said “We have successfully
maintained strong business fundamentals and corporate philosophy and I want to assure all our stakeholders that
Ice Make is absolutely determined not only to safely navigate but sustain and continue
to improve its performance, customer delight, employee welfare and value
creation in a longer run”
“As per our commitment to our
shareholders and investors, the Company has again this year also proposed a 12%
dividend for the financial year ended 31 March 2020. At the same time the
Company is planning to waive-off the promoter dividend payout, subject to
approval, as it did last year in FY19.
The
company has undertaken various steps like coil in-house manufacturing, redesign
of chillers and use of C5 technology to full fill the aspiration of Atm Nirbhar
Bharat Vision and already reduced dependency on imports from overseas markets
for raw material and will not be affected by Indian Government restrictions on
Chinese goods and raw material supply. Our coil manufacturing unit is fully factional
and is producing more supply than required for internal captive consumption.
As
per our central government guidelines we partly opened our facilities with all precautions
and utmost care from April 22, 2020 and now operations have become regular to a
large extent and we hope things become better soon in near future.” he said
Other highlights and
Updates
Ø
The first quarter of
this financial year has been badly affected due to lockdown, however, the
company is hoping the second quarter to be better in terms of business as they
have a good order book in hand worth Rs 28 Cr as on day.
Ø
Ice
Make was able to not only maintain its financial performance but also gained in
its new focus areas like Ammonia, Exports, Online Food, Refer Van and Turnkey
Solutions
Ø
The
Company almost doubled sales from Ammonia refrigeration business
Ø
Exports
in FY20 grew around whooping three times
Ø
The
Company has last year developed its refer van section which is receiving good
response. Ice Make has tied up with few leading manufacturer of chassis like Ashok
Leyland, Volvo and others are on the way.
Ø
Last
year the Company forayed into fast emerging online food business which has
started showing results as it has received its first few orders from leading
brand such Swiggy.
Ø
We are strongly focussing on strengthening this
further by providing solutions to their specific requirements.
Ø
The Company’s NSE main-board migration process is on
and is likely to complete in the next -2-3 months.
This
year Ice Make business MoTo is to “Stay Safe
and Stay Strong” and we hope to
deliver on this promise as well. The Company
said.
About the Company
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 & equipments.
The Company operates under key business verticals including Cold Room,
Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration
& newly added ammonia refrigeration and caters to wide range of Industries
in India and also exports its products to overseas clients in 21 countries. 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 has been ranked 27th among the top 100 annual reports globally.
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