ICE MAKE FY19 Net profit rises 18.11% to Rs. 7.83Cr.

Total revenue up 27.44% to Rs. 129.58 Cr.

Recommends Final Dividend of Rs. 1.20 per equity share

Ice Make Refrigeration Limited (Ice Make), one of the leading manufacturer & supplier of cooling solutions equipment, has reported a remarkable financial performance for the financial year ended March 31, 2019 and the second half of FY19. The revenue for the full year FY19rose by 27.44% to Rs. 129.58 Cr. compared to Rs.101.68Cr. reported in the corresponding last financial year of FY18.  The Net Profit for the full year ended March 31, 2019 grew 18.11% to Rs. 7.83 Cr. compared to Rs 6.63 Cr. posted in FY18.

The Company’s Total Revenue for the second half year of FY19 grew by 19.18 % to Rs. 73.20 Cr. compared to Rs. 61.42 Cr. reported in the second half year of FY18. The net profit for this period (H2FY19) rose by 15.72 % to Rs. 5.20 Cr. compared to Rs. 4.49 Cr. posted in H2 of FY18.

The Board of Directors of the Company at its meeting held on May 25, 2019 recommended final dividend of Rs. 1.20 per equity share of Rs. 10/each, for the financial year ended 31 March 2019.

Commenting of the financial performance Mr.Chandrakant P. Patel, Chairman & Managing Director, Ice Make Refrigeration Limited, said, “The Company continues to deliver strong financial performance this year as well on account of continued favorable business environment led by rising demand for our products and healthy pace of growth in our client industry segments. The company has strongly focused on innovation and marketing of our unique products which immensely contributed to the growth in our revenues.The world of refrigeration and cooling equipment market is evolving rapidly and the company is adapting fast to benefit from the huge opportunities and meet the expectations of the shareholders and investors” he said

Other important highlights

Ø  The Company launched an innovative “Food Dehydration Device for drying various food, vegetable and fruit related items in suitable heat and temperature.

Ø  The Company forayed into Ammonia Refrigeration Equipment manufacturing and turnkey projects management, project engineering and execution, making the company a one- stop- cooling solution provider with expertise in Equipment Manufacturing, Project Engineering and Project Management for Dairy, Pharma, Beverage, Fruits &Vegetables, Horticultural Industries, Food and Process Industries etc.

Ø  The Company bagged two prestigious awards for demonstrating exemplary communications capabilities. The Company participated in “2017-18 Vision Award Annual Report Competition” hosted by the League of American Communications Professionals LLC (LACP) and has been ranked 27^th among the top 100 annual reports globally. Besides, it was also conferred with Gold Award for excellence within its core industry category.

Ø  The Company commissioned its in-house manufacturing facility of condenser coil and evaporator coil at Dantali, Gandhinagar, Gujarat, and also upgraded the existing facilities by Installing Laser Cutting Machine, Upgrading the PUF foaming technologies, adding new models of Bulk Milk Chillers and carried other ancillary improvements in the system assembly. The Company in December 2017 raised Rs 24 crore through initial public offer to part finance setting up of this plant, backward integration to improve production efficiencies and upgradation of existing facilities at its plants in Gujarat and Tamil Nadu, which has been successfully completed as per plan.