Corporate Report     

Published: May 31, 2024
Updated: May 31, 2024

Ice Make Refrigeration Limited

King of cooling solutions

Ice Make Refrigeration Limited (NSE: ICEMAKE), a leading Indian provider of innovative cooling solutions and a prominent manufacturer of over 50 types of refrigeration equipment, has announced a 65.24% increase in net profit, reaching Rs 14.27 crore, compared to Rs 8.63 crore in the corresponding period of the previous fiscal year. This growth was primarily driven by strong sales.

PAT SURGE

Driven by strong sales volume, Ice Make maintained strong profitability with an EBITDA margin of 10.92% during the full 12 months of fiscal 2024. The company posted a net profit of Rs 26.14 crore in the same period, compared to Rs 20.80 crore in FY23.

The board of directors has recommended a dividend of Rs 2 per share (face value Rs 10) for FY2024. Commenting on the strong financial performance, Chandrakant Patel, Chairman and Managing Director, said, “Our performance in Q4 and fiscal year 2024, driven by strong market demand, efficient cost management strategies, and geographical expansion, is a testament to our commitment to innovation and excellence in the refrigeration industry. The significant growth in revenue and profitability highlights the success of our strategic initiatives and our ability to deliver value to our stakeholders. We will continue to focus on expanding our product portfolio and enhancing our market presence as we embark on the Rs 500 crore revenue milestone in the current fiscal 2025.”

COOLING VERTICALS

Established in 1993, Ice Make Refrigeration Limited has been providing customized cooling solutions across various industries. The company operates under key business verticals, including Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration and Ammonia Refrigeration, catering to clients in India and exporting products to 24 countries.

Ice Make went public in December 2017 on NSE Emerge, achieving a record-breaking SMEIPO subscription of over 261 times, valued at over Rs 6,100 crore. The company surpassed an annual turnover of Rs 300 crore in FY23 and recently entered the Rs 1,000 crore market capitalization club. With over 600 employees, Ice Make operates manufacturing units in Gujarat, Tamil Nadu and West Bengal.

Over the years, Ice Make has received numerous awards, including the Indian Leadership Award for Industrial Development in 2011, the Best Medium Enterprise (Manufacturing) by Canara Bank & Skoch Award in 2014, and the India SME 100 Award in 2017. Additionally, the company has been recognized with the Gold Award for excellence in its core industry category and the Vision Award for Annual Report Competition in 2017-18.