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

India’s Economic Slowdown: Navigating Challenges with Resilience and how planetary alignments are suggesting an optimistic economic outlook

 By Aryan Prem Rana, Founder, VRIGHT PATH GROUP (www.vrightpath.com ) India, the world’s fastest-growing major economy, faces a challenging phase as GDP growth slows. The latest figures show Q2 growth dipping to 5.4%, the lowest in seven quarters. This decline comes as 63 of the Nifty 100 companies miss revenue estimates, raising concerns about underlying economic health. Growth Engines Sputtering The economic slowdown is most pronounced in key sectors: • Manufacturing growth has dropped to 2.2%, a sharp decline from last year’s 14.3%. • Urban consumption, a cornerstone of economic growth, is weakening. Industry stalwarts such as Reliance, HUL, and Maruti have seen market corrections of 15-23%. RBI’s Balanced Approach The Reserve Bank of India (RBI) has responded with measured policies, holding the repo rate steady at 6.5% for the eleventh consecutive meeting. This neutral policy stance balances inflation control with growth needs. In a key liquidity-boosting move, the RBI redu...
Post a Comment
Read more

IMFA Reports Strong Q2 FY25 Financial Performance Driven by Higher Output and Operational Efficiency

  Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro alloys, announced robust financial results for the second quarter of FY25, ending on September 30, 2024. Financial Performance Highlights For Q2 FY25, IMFA reported strong standalone financial results: Revenue : ₹691.92 crore EBITDA : ₹175.62 crore, with a margin of 25.38% Profit After Tax (PAT) : ₹132.73 crore, achieving an 18.6% PAT margin Earnings Per Share (EPS) : ₹24.60 (not annualized) Exports : ₹652.97 crore This strong performance underscores IMFA's improved margins and profitability compared to the previous quarter, driven by higher production levels and operational efficiencies. Key figures from the company's half-yearly (H1 FY25) performance also reflect IMFA’s resilience in a challenging market, with a PAT of ₹250.25 crore and revenue totaling ₹1,354.2 crore. Operational Highlights IMFA’s operational metrics for Q2 FY25 demonstrated growth and stability: Ferro Chrome Pr...
Post a Comment
Read more

ICE Make Reports 21.31% jump in consolidated revenue for Q2 FY2025

 Ice Make Refrigeration Limited (NSE: ICEMAKE), a leading innovator in cooling solutions and a prominent manufacturer of over 50 types of refrigeration equipment in India, has announced its financial results for the second quarter (Q2) of the fiscal year 2025, showcasing impressive growth and consistent performance across key financial metrics. Standalone Financial Performance The company reported a notable increase in revenue from operations, reaching ₹101.38 crores in Q2 FY2025. This represents a 21.88% jump compared to ₹83.17 crores in Q1 FY2025 and a significant 34% surge from ₹75.72 crores in Q2 FY2024. Total revenue also followed a similar upward trajectory, standing at ₹101.65 crores, up 21.89% quarter-on-quarter (QoQ) and 33.87% year-over-year (YoY). EBITDA for the quarter was recorded at ₹8.51 crores, marking an impressive 35.08% increase from ₹6.30 crores in the previous quarter and a 10.81% rise compared to ₹7.68 crores in Q2 FY2024. The EBITDA margin improved to 8.37%, ...
Post a Comment
Read more