ICE MAKE Q1FY23 top line grows 100% to Rs 64.84 cr

Posts net profit of Rs 3.09 cr against a loss of Rs 82.74 lakh

Ice Make Refrigeration Limited (NSE: ICEMAKE),a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipment in India, has reported 100% growth in its revenue for the quarter ended 30 June 2022. The consolidated revenue stood at Rs 64.84 cr against Rs 32.43 Cr posted in the corresponding quarter of last fiscal.

During the quarter the Company posted a Net Profit of Rs 3.09 Cr as against a loss of Rs 82.74 lakh last year in the corresponding quarter.

Mr. Chandrakant Patel, CMD, Ice Make Refrigeration Limited said” Strong demand in the end market led by recovery in the economy and industrial activities helped Ice Make post strong growth in revenue. The Company has started reaping the fruits of its strategic initiatives and innovative range of over 50 plus products including our 1^st branded solar cold room “SoloPeriFresh”.

The Company completed its largest Ammonia refrigeration project of 4700 MT Butter Cold Storage Facility on turn-key basis, installed at Panchmahal Dist. Co. Op. Milk Producers’ Union Ltd, Member Union of Gujarat Cooperative Milk Marketing Federation Ltd. (AMUL).

We also recently formed partnerships with Smart Farm Project and Jeevan Rekha Parishad- a non-profit organization and self-help group in Odisha. We delivered 10 MT Solar Cold Storage which is helping farmers increase the shelf life of their produce and protect it from spoilage. This initiative is benefiting hundreds of farmers and cooperative organizations in boosting income and also helping women’s SHGs (Self Help Groups) to enhance their income and improve their family’s welfare" He added.

He further added that the Company also successfully held its 7th Dealers / Associates meet on 05^th& 6^th August, 2022 at, Gandhinagar, Gujarat, for which the participation nearly doubled this year due to increasing demand for ICE Make products from various parts of India.

The Company offers a complete range of refrigeration solutions such as transport, commercial, industrial, and ammonia refrigeration to diverse set of industries and sectors of economy including agriculture, milk and dairy, food processing, pharma, healthcare, online food and retail among others. Ice Make’s innovative equipment product range also includes ice cream mix preparation for small and medium scale, specially designed mix plant units. Its chiller product range includes Air Cooled Chiller, Water Cooled Chiller, liquid Chiller, Brine Chiller, and Screw Chillers.

#IceMake #IceMakeReferigeration #SoloPeriFresh #Coldchain #Coldroom #InvestingIdeas #ChandrakantPatelIceMake

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