Skip to main content

Ice Make Refrigeration Q1FY24 net profit grows by 73.02% to Rs 5.36 Crore

Ice Make Refrigeration Limited (NSE: ICEMAKE), a renowned leader in innovative cooling solutions and a prominent manufacturer of more than 50 refrigeration equipment in India, is pleased to announce its robust financial results for the first quarter of FY 2024, ending on June 30, 2023.

 

In a strong display of growth for the Q1FY24, the Company posted a substantial 73.02% increase in consolidated net profit, reaching Rs 5.36 crore, compared to Rs 3.9 crore in the first quarter of the previous fiscal year.

 

The consolidated revenue witnessed a growth of 22.20%, soaring to Rs 79.31 crore from Rs 64.90 crore in the corresponding quarter of the last fiscal year.

 

Operating profits improved significantly as a result of cost control, better product mix and softening input prices. During the quarter the company recorded an EBITDA of Rs 8.34 crore up by 55.59%.

 

EBITDA margins also improved significantly to 10.52% in Q1FY24 as against 8.26% in the corresponding period last year. 

 

The non-annualized earnings per share (EPS) stood at Rs 3.40, a significant rise from Rs 1.96 in the corresponding quarter of the last fiscal year.

 

Mr. Chandrakant Patel, the CMD of Ice Make Refrigeration Limited, shared his insights on the Company's success, "There are two key factors among others that are working in our favor. ICE Make has now been recognized as a well-established innovative brand with a growing market share, maintaining a remarkable Compound Annual Growth Rate (CAGR) of almost 50% in the last two years. Additionally, strong growth opportunities in India are fueling the demand for our products."

 

Mr. Patel further emphasized, "Given the strong long-term growth opportunities, including increased attention on the manufacturing sector in India, the outlook for our business moving forward is promising. We currently boast a robust order book and leads totalling Rs 120 crore, positioning us to sustain an annual growth rate of 30% or higher."

 

The Company has recently achieved a significant milestone by securing its largest work order to date. The West Bengal Livestock Development Corporation Limited (WBLDCL), a government-owned entity dedicated to the development and promotion of livestock in West Bengal, has awarded Ice Make Refrigeration Limited a contract worth INR 65.48 Crore.

 

With a strong foothold as one of India's top RefrigerationSolution Provider and Machinery Manufacturers, this substantial work order marks a significant stride forward for ICE Make as an established brand. The Company's diverse product portfolio and business verticals continue to capture market share, complemented by the successful commissioning of our new manufacturing facility 'ICEBEST' in West Bengal. This state-of-the-art facility not only augments production capacity but also provides a substantial cost advantage in the market.

 

Mr. Patel concluded by highlighting the Company's comprehensive presence in all refrigeration segments, including Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration, and Transport Refrigeration. He stated, "With a robust demand for innovative cooling and cold chain storage solutions, both in India and various overseas markets, Ice Make is strategically positioned to capitalize on these opportunities."

 

About Ice Make Refrigeration Limited:

Ice Make Refrigeration Limited has been catering to the diverse needs of its customers since 1993, providing customized cooling solutions across a wide range of industries. The company operates under key business verticals, including Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration, and Ammonia Refrigeration, serving numerous industries in India and exporting products to clients in 24 countries.

 

In December 2017, Ice Make was listed on NSE Emerge, with a record-breaking SMEIPO subscription of over 261 times, worth over INR 6100 Crores. The company achieved a significant financial milestone in FY23, surpassing an annual turnover of INR 300 crore. With over 600 employees, Ice Make operates three manufacturing units in Gujarat, one in Tamil Nadu, and the newest just commenced operations in West Bengal.

 

Over the years, Ice Make has received several awards and accolades, including the Indian Leadership Award for Industrial Development in 2011, the Best Medium Enterprise (Manufacturing) by Canara Bank & Skoch Award in 2014, the India SME 100 Award in 2017, and the Gold Award for excellence in its core industry category and the 2017-18 Vision Award for Annual Report Competition, where ICE Make ranked 27th among the top 100 annual reports globally.

 

 


Comments

Post a Comment

Popular posts from this blog

Country Delight Launches NMR-Tested Honey: The Gold Standard of Purity

  Country Delight continues strengthening its promise of delivering the best purity and quality by launching 100% Pure Farm Honey (NMR Tested) Country Delight, a trusted name in premium and natural essentials, has announced the launch of 100% Pure Farm Honey (NMR Tested). Country Delight’s Farm Honey is Nuclear Magnetic Resonance (NMR) tested by a certified lab in Germany, making it one of the most authentic and reliable kitchen ingredients available to Indian homes. It also undergoes rigorous testing on 36 quality parameters as per FSSAI standards, including physicochemical, antibiotic and microbial, to rule out the presence of added sugars. Honey is not just a natural sweetener; it is increasingly valued for its functional benefits. With Country Delight's NMR-tested honey, consumers can enjoy a product that supports wellness through its natural composition, which is rich in antioxidants and phytonutrients and offers advantages over refined sugars.  Adulteration with cheaper ...
Post a Comment
Read more

Prachay Capital’s Public Issue of Secured NCDs Lists on BSE Platform

Prachay Capital Limited, an RBI-registered Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC), has officially listed its Secured, Rated, Redeemable Non-Convertible Debentures (NCDs) on the BSE Limited, unlocking new investment opportunities. The company successfully closed its public issue with an impressive 106% subscription, highlighting strong investor confidence. The issue, which opened on February 28, 2025, aimed to raise Rs 50 crore (excluding the greenshoe option) and closed on March 13, 2025. This landmark listing reinforces Prachay Capital’s commitment to providing stable, high-yield investment opportunities in the fixed-income sector, even amid volatile equity market conditions. The BBB-/Stable-rated NCDs by CRISIL, offering an attractive 13% per annum return with monthly interest payouts, present a compelling option for investors seeking secure fixed-income avenues. The listing event was graced by Ketan Jantre, Head of Trading Operations, BSE; Giri...
Post a Comment
Read more

Prachay Capital’s Public Issue of Secured NCDs Fully Subscribed at 113.36%

Prachay Capital Limited, an RBI-registered Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC), has successfully closed its public issue of Secured, Rated, Redeemable Non-Convertible Debentures (NCDs) at 113.36% subscription, according to exchange data. The issue, which opened on February 28, 2025, on the Bombay Stock Exchange (BSE), aimed to raise Rs 50 crore (excluding the greenshoe option) and closed on March 13, 2025. With a BSE listing, this issue was open for subscription to retail investors, high-net-worth individuals (HNIs), institutional investors, and corporates. The maiden NCDs issue is scheduled to list on 24 March 2025.  Rated BBB-/Stable by CRISIL, these NCDs offer investors a 13% per annum return with monthly interest payouts, making them an attractive fixed-income opportunity. The proceeds will be deployed as per the company’s stated fund allocation plan. Fund Utilization: Minimum 75% for the purpose of onward lending, investments in current and...
Post a Comment
Read more