Ice Make Refrigeration Ltd. (NSE: ICEMAKE), a leading Indian manufacturer of refrigeration equipment, held its 15th Annual General Meeting (AGM) on September 28, 2024. The AGM emphasized Ice Make’s ambitious growth plans, backed by strong financial performance and strategic expansion efforts.
Chairman and Managing Director, Mr. Chandrakant Patel, laid out the company's vision for future growth, focusing on innovation, geographical expansion, and sustainability. Mr. Patel highlighted several strategic initiatives that will fuel the company’s expansion, including exploring technology partnerships in the commercial freezer segment and expanding its geographical reach in northern India. These efforts aim to improve market penetration, reduce logistics costs, and tap into the growing demand for energy-efficient refrigeration solutions.
The company’s current order book stands at ₹138 crore, positioning it for continued growth in FY2025, with a projected annual growth rate of 25-30%. Ice Make is also pursuing UL certification to enter the U.S. market, a critical step in its global strategy.
Ice Make reaffirmed its capital expenditure (capex) plans, first announced at the 2023 AGM. The company revised its total capex plan from ₹200 crore to ₹250 crore, of which ₹100 crore has already been invested to expand manufacturing capabilities. This investment includes the addition of production lines for Continuous PUF Panels, Visi Coolers, and Chest Freezers. The remaining ₹150 crore will be invested over the next 1-2 years, supporting the company's ambitious revenue targets of ₹500 crore by FY2025 and ₹1,000 crore by FY2028. Key sectors driving this growth include pharmaceuticals, agriculture, dairy, and food processing.
The Ahmedabad-based refrigeration equipment manufacturer, led by Chairman and Managing Director Chandrakant Patel, reported consolidated revenue of ₹379 crore, a 20.95% increase from the previous year. EBITDA stood at ₹41.39 crore with a margin of 10.92%, and net profit reached ₹26.14 crore. The company also declared a ₹2 per share dividend for its shareholders.
Ice Make achieved a significant milestone this year, surpassing ₹1,500 crore in market capitalization, underscoring its consistent growth over the past seven years. The company has maintained a compound annual growth rate (CAGR) of 24% in revenue and 39% in net profit during this period, securing its leadership in India's refrigeration sector.
With a strong presence across key refrigeration segments and a growing export footprint in 24 countries, Ice Make is poised to continue its trajectory of sustained growth and innovation.
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