Net profit rise 103 % to Rs 7.32 crore BOD Recommends 12% Dividend for FY2022 Ice Make Refrigeration Limited ( NSE: ICEMAKE ), a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipments in India, has reported strong growth in financial performance for the fiscal year ended March 31, 2022. Net profit rose 85.57% to Rs 5.53 crore in the quarter ended March 2022 as against Rs 2.98 crore during the previous quarter ended March 2021. Sales rose 42.94% to Rs 76.90 crore in the quarter ended March 2022 as against Rs 53.80 crore during the previous quarter ended March 2021. For the full year,net profit jumped 102.77% to Rs 7.32 crore in the year ended March 2022 as against Rs 3.61 crore during the previous year ended March 2021. Top line grew 53.06% to Rs 206.10 crore in the year ended March 2022 as against Rs 134.65 crore during the previous year ended March 2021.   Mr. Chandrakant Patel, CMD, Ice Make Refrigeration Limited said ” It g

                  SOLO Perifresh  works to increase the bargaining power of the farmers  Ice Make Refrigeration Limited (Ice Make), a leading supplier of innovative cooling solutions and a manufacturer of over 50 refrigeration equipment in India, has launched an innovative range of Solar Powered Cold Storage Solutions for empowering the farmers and Farmer Producer Organizations (FPOs).   In order to solve the problems related to cold storage infrastructure in remote and powerless areas, Ice Make has introduced " SOLO Perifresh "-brand, which works to increase the bargaining power of the farmers by saving their perishable produce from getting spoiled. Powered by green technology the eco-friendly system will enable them to earn more income, prevent spoilage of their valuable produce, maintain quality, freshness, increase shelf-life of temperature prone produce and contribute in reducing carbon emissions and global warming. “ SOLO Perifresh " is a long-term solution to

  Top-line witness robust revenue growth of 60% in 9MFY22 Ice Make Refrigeration Limited (Ice Make), a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipments in India, has posted robust growth in revenue along with improvement in profitability led by strong recovery in customer demand.   During first nine months of FY22, the company recorded robust 60% year on year growth in revenue to Rs 129.2 crore as against Rs 80.85 crore revenue in the first nine months of FY21. Maintaining good profitability the Company’ s EBITDA in 9MFY22 stood at Rs 5.86 crore witnessing a growth of 10.2% on a year on year basis. EBITDA margins in this period stood at 4.54%. Moreover, a good 25.1% year on year drop in interest cost and 18.1% in depreciation helped in higher profits. During 9MFY22, company’s profit nearly trebled to Rs 1.79 crore as against Rs 0.63 crore (Rs 63 lakh) in 9MFY21. Quarterly consolidated revenue increased 46.5% to Rs 48.86 crore cror

  Ice Make Refrigeration Limited (NSE Symbol “ICEMAKE”), leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipments , has received an Ammonia refrigeration project order for design, engineering, manufacture, supply, installation, testing & commissioning of 4700 MT Butter Cold Storage Facility on turn-key basis, from Panchmahal Dist. Co. Op. Milk Producers’ Union Ltd, Member Union of Gujarat Cooperative Milk Marketing Federation Ltd. (AMUL) Company’s Chairman and Managing Director Mr Chandrakant Patel, said, Ice Make have acquired several new customers and this new job order is a significant one in terms of size and monetary value in ongoing challenging business environment. The company now offers dairy plant cold storage and ice cream mix plant solutions as well. We have recently completed a turnkey cold storage project with 2400 MT capacity and PEB Shed and also supplied a 30,000 LTR & 20,000 LTR (Multi Compartment) Milk Storage S

Mr Chandrakant Patel, Chairman and Managing Director of Ice Make Refrigeration Ltd, has received ’Outstanding Business Leader' award from The Federation of Gujarat Industries (FGI). The federation conferred the 16th FGI award to Mr Patel for his exemplary vision and carving an inspiring story of entrepreneurship in the business of providing cooling solutions to variety of industries in India and overseas. FGI said “Mr Patel from humble beginnings to creating a niche for his organization in a market controlled by multinational giants makes a fascinating story indeed. He has been able to scale up and bring glory to his organization through Innovation, building core competence and complete grass root knowledge of the business”   Commenting on the achievement Mr Patel said “ It’s a great moment for all of us at ICE Make to have attained this award. This has come at a time when our corporate ethos, team’s hard work of decades has built strong foundation for taking ICE Make to the next l

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  Company fully geared to serve cold chain requirements of Covid19 Vaccination drive Ice Make Refrigeration Limited (Ice Make), leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipments , has posted total revenue of Rs 30.06 Cr. for Q2FY21. Despite ongoing global pandemic challenges, the company’s top line stood marginally up by 20% as compared to Rs. 25.25 Cr. recorded in the corresponding period of Q2FY20. The standalone and consolidated net profit for this period stood at Rs 1.91 Cr. and Rs 1.84 Cr. respectively compared to -0.28 Cr. and Rs 0.18 Cr. reported in Q2FY20. Company’s Chairman and Managing Director Mr Chandrakant Patel, said, Ice Make has performed much better despite huge challenges posed by ongoing Covid-19 global pandemic. We have developed & set up a proactive “End-To-End Cold Chain Systems” for pharma industries, hospitals, procurement agencies and government health care system. The Company is fully gear

  Digital Law space is going through a sea change in India SoOLEGAL a comprehensive online discovery platform, that allows visitors to seek lawyers and law firms for counsel, has successfully raised $4 million. The investment round was led by private investors and family offices in India. Previously, the company has also raised $5 million from private investors and family offices since 2014. Speaking about the funding, Mr. Manish Kaul, COO SoOLegal said, Although SoOLEGAL was in talks with closed group of Investors since December 2019, the changed world order brought about by COVID19 pandemic also resulted in a quantum jump in revenues and user confidence on the portal, earlier than envisaged. This has prompted the investors to see more value in SoOLEGAL. The Digital Law space in India is gaining momentum as more and more users are actively seeking online legal counsel. Currently, SoOLEGAL provides its users with instant access to number of services. In a short span of time,

Eyes steady growth in Covid-hit FY21 Ice Make Refrigeration Limited (Ice Make), leading supplier and manufacturer of cooling solutions , which is now traded in the main board of the National Stock Exchange (NSE) - is eying steady growth in this Co vid-19 disrupted financial year.   “ We are confident of neutralizing disruptive effect s of Covid and focused on at least reaching the top-line of last year, which stood at Rs 136 crore.  The company’s order book which currently stands at about Rs. 37.21 Crore is growing at a decent pace post the unlock. In the last four months Ice Make has already picked up around 19.10% sales growth and 22.17% order book growth led by strong pent up demand in multiple product segments including –dairy, pharmaceutical and exports. The improvement in export business has been due to our aggressively focused efforts in the last two years” informed Mr. Chandrakant Patel, CMD, Ice Make Refrigeration Limited.   He further said “This year everyone has faced unpr