ICE MAKE Consolidated net profit jumps 184%to Rs 20.80 cr in FY2023

Ø Consolidated Revenue grow 51.50 % to Rs 313.32 cr

Ø  Board of Directors Recommend Rs. 1.80 per shares (18% of face value of Rs 10) Dividend for FY2023

 

2 June 2023: Ice Make Refrigeration Limited (NSE: ICEMAKE), a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipments in India, has closed the fiscal year 2023 with robust financial performance.

 

·       For the full year (FY23), the Company’s consolidated net profit jumped 184.05 % to Rs 20.80 crore in the financial year ended March 2023 as against Rs 7.32 crore during the previous year ended March 2022.

 

·       The consolidated revenue grew 51.50 % to Rs 313.32 crore in the year ended March 2023 as against Rs 206.80 crore during the previous year ended March 2022.

 

·       For the quarter ended March 2023 (Q423), The Company’s Consolidated net profit rose 56.02% to Rs 8.63 crore in as against Rs 5.53 crore during the previous quarter ended March 2022 (Q422)

 

·       Revenue grows 47.93 % to Rs 114.28 crore in the quarter ended March 2023(Q423) as against Rs 77.25 crore during the previous quarter ended March 2022(Q422)

 

·       Earnings per share (diluted) for FY2023 stood at 13.19 compared to 4.65 of the previous fiscal 2022.  (of Rs. 10/- each)

 

Mr. Chandrakant Patel, CMD, Ice Make Refrigeration Limited said” Despite the global economy going through inflationary pressures, the Company’s yearly net profit jumped to double digits for the 1^st time and consolidated revenue also achieved another important financial milestone as our annual revenue crossed Rs 300 cr in FY2023.

 

Given the strong long term growth opportunities, India is on a strong foot and has been witnessing a decent growth in the post pandemic era; the outlook for our business going forward is looking decent.  We have a strong current order book and leads available for maintaining a 30% plus growth strike rate annually along with various products and business verticals that are consistently gaining market share.” 

 

We have presence in all segments of refrigeration such as Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration and Transport Refrigeration.  There is a huge requirement in India and in various overseas countries for innovative cooling and cold chain storage solutions and ICE Make is well positioned to take advantage of these opportunities.”

 

Our new capex plan of continuous penal business is a part of our refrigeration business which shall be used in big cold storage projects as well as in infrastructure projects and it would be fully functional by April 01, 2024. Continuous Penal business is expected to grow at a 14 % CAGR YOY & Cold Chain and storage business is expected to grow at a CAGR of 15% to 17% between years 2022 to 2027” he said. 

 

About Us

Ice Make Refrigeration Limited has been successfully satisfying the needs of its customers, from production to aftersales service, since 1993. The Company is engaged in the business of providing customized cooling solutions to diverse set of clients across wide range of industries by manufacturing and supply of high quality refrigeration products& equipments.

 

The Company operates under key business verticals including Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration &Ammonia Refrigeration and caters to wide range of Industries in India and also exports its products to overseas clients in 24countries.

 

Ice Make was listed on NSE Emerge on December 8, 2017. The Company attracted record SMEIPO subscription of over 261 times, worth over 6100 Crores.

 

The annual turnover of the Company in FY23 crossed Rs 300 crore financial milestones. The Company with 600plus employees strength operates two manufacturing units in Gujarat, one in Tamil Nadu and Companywill start its manufacturing unit in West Bengal in next one month. The company which started its business with a mere Rs.3 lakhs, recently it achieved market cap of Rs 500 crore.

The Company over the years have received several awards and accolades including Indian Leadership Award for Industrial Development in 2011, Best Medium Enterprise (Manufacturing) by Canara Bank &Skoch Award in 2014, India SME 100Award in 2017 and Gold Award for excellence within its core industry category &2017-18 Vision Award for Annual Report Competition” hosted by the League of American Communications Professionals LLC (LACP) where ICE Make has been ranked 27th among the top 100 annual reports globally.