ICE MAKE Q2FY23 net profit rises 245% to Rs 4.64 crore

 Top line grows 40% to Rs 67.12 crore

Ice Make Refrigeration Limited (NSE: ICEMAKE),a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipment in India, has reported 245.3% growth in its net profit and 40.14%  growth in its revenue for the quarter ended on 30 September 2022.  The Company recorded a net profit of Rs 4.64 Cr in the reporting period as against Rs 1.34 Cr posted in the corresponding quarter of fiscal 2021. The consolidated revenue for Q2FY2023stood at Rs 67.12 cr against Rs 47.90 Cr posted in the corresponding quarter of fiscal 2021.

Mr. Chandrakant Patel, CMD, Ice Make Refrigeration Limited said” Strong demand continued to help deliver robust growth in revenue and profitability jumped significantly in the reporting period of Q2FY23 due to higher scale and cost controls. During the quarter finance cost recorded a steep 56.7% drop on a Year on Year basis to Rs 17.8 lakh while lower operating and fixed cost boosted profits. The Company is reaping the fruits of its strategic initiatives and innovative range of over 50 plus products including our 1^st branded solar cold room “SoloPeriFresh”

Additionally the Company has announced significant expansion plans at its Annual General Meeting 2022. During this financial year, the Company is planning to set up aGreenfield  unit at a cost of around Rs. 45 to 50 Crores.  The Company will manufacture Continuous Penals that are used in areas like infrastructure, industrial & residential buildings. The project will be set up in Gujarat and expected to be fully functional in the next 12 to 15 months” Mr Patel said

Consolidated Financial Performance: H1FY23

•      For the half year ended September 2022 the company recorded Rs 131.97 crore revenue. Led by strong recovery and demand from the industry revenue witnessed robust 64.3% growth on a year on year basis.

•      Profitability improved significantly led by cost control and higher sales. In the first half, EBITDA made a threefold jump and EBITDA margins increased to 9.58% in H1FY23 as against 3.6% in H1FY22.

•      Net profit during H1FY23 stood at Rs 7.74 crore as against a profit of Rs 52 lakh in the corresponding period of last fiscal.

The Company offers a complete range of refrigeration solutions such as transport, commercial, industrial, and ammonia refrigeration to diverse sets 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.