BOD Recommend Final Dividend of Rs 1 per Equity Share
Ice Make Refrigeration Limited (Ice Make), one of the leading manufacturer & supplier of cooling solutions equipment, has reported strong financial performance for FY18 and the second half of financial year ended March 31, 2018.
The Company’s net profit for FY18 rose by 32.19 % to Rs 6.63 crore compared to Rs 5.10 cr posted in FY17.
The Company’s total revenue grew by 15.70% to Rs. 101.68 Crore as compared to Rs 87.88 Cr reported in the corresponding financial year (FY17)
The Company’s revenue for the second half of FY 2018 grew at 16.31% to Rs 61.42 Crores while net profit for the period rose by 30.03% to Rs 4.49 Crores.
During the year Company’s EBIDTA went up by 0.92 % YoY to Rs 12.38 crores while EBIDTA Margin improved to 12.25% compared to 11.33% in FY’17. PAT Margin improved to 6.52% compared to 5.71% in FY’17
The Board of Directors of the Company at its meeting held on May 24, 2018 recommended final dividend of Rs 1.00 per equity share of Rs 10/each, for the financial year ended 31 March 2018.
During the year the Company received a revision in rating from BBB Minus (Triple B Minus) to BBB Plus (Triple B Plus) from CARE Ratings which indicates stable and positive business outlook of the company.
Commenting of the financial performance Mr Chandrakant Patel, Chairman and Managing Director, Ice Make Refrigeration Limited, said, “It gives me immense pleasure to announce that we have achieved an important financial milestone as the Company has surpassed Rs 100 cr annual turnover this year on account of positive business environment driven by the growth of supermarkets, hypermarkets, food parks and organized food retail chains. Indian Commercial Refrigeration Equipment Market is heading towards healthy growth and ICE Make is at the sweet spot to take advantage of huge opportunities coming from growing demand for processed foods, growth of retail market, food parks and the entry of multinational retail giants, establishment of new and modern cold storage facilities, shift towards cultivation of horticulture crops, which will necessarily push up demand for refrigeration equipment’s and vehicles”
“ICE Make is dedicated to produce high quality end –to-end customized cooling solutions and services to divers set of customers across industries. Our commitment is to consistently exceed customer’s expectations, quality, on-time delivery and earn trust & respect of our clients and stakeholders. We are confident of achieving sustainable business growth by value creation through continuous hard work & innovation while constantly remaining agile & adaptable to change and challenges” added Mr Patel
ICE MAKE REFRIGERATION LIMITED has been successfully satisfying the needs of its customers, from production to after-sales 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 & equipment’s. ICE Make was listed on NSE Emerge on December 8, 2017. The Company attracted record SME IPO subscription of over 260 Times, worth over 6000 Crore. The Company operates under four key business verticals including Cold Room, Commercial Refrigeration, Industrial Refrigeration & Transport Refrigeration and caters to wide range of Industries including Dairy, Ice-cream, food processing, agriculture, pharmaceuticals, Cold Chain, Logistics, hospitals, Hospitality and retail among others. The Company also exports it products to overseas clients 21 countries. ICE Make has its manufacturing plants located at Dantali in Gandhi Nagar District Ahmedabad and Chennai. The Company 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 and India SME 100 Award in 2017.