Mr. Chandrakant P. Patel, the CMD of Ice Make Refrigeration Limited (Ice Make), one of the leading manufacturer & supplier of cooling solutions equipment, says  “The world is going through an unprecedented change right now. Corona global pandemic has forced people to think in new ways. Things are undergoing drastic changes be it business, health or systems. Except essential product and services business you may not find any business that has not affected either directly or indirectly. Even in this one of the most challenging business and health environment we have not removed any employee from the job”

Mr Patel further said “We have successfully maintained strong business fundamentals and corporate philosophy  and I want to assure all our stakeholders that Ice Make is absolutely determined not only to safely navigate but sustain and continue to improve its performance, customer delight, employee welfare and value creation in a longer run”

“As per our commitment to our shareholders and investors, the Company has again this year also proposed a 12% dividend for the financial year ended 31 March 2020. At the same time the Company is planning to waive-off the promoter dividend payout, subject to approval, as it did last year in FY19.

The company has undertaken various steps like coil in-house manufacturing, redesign of chillers and use of C5 technology to full fill the aspiration of Atm Nirbhar Bharat Vision and already reduced dependency on imports from overseas markets for raw material and will not be affected by Indian Government restrictions on Chinese goods and raw material supply.   Our coil manufacturing unit is fully factional and is producing more supply than required for internal captive consumption.     

As per our central government guidelines we partly opened our facilities with all precautions and utmost care from April 22, 2020 and now operations have become regular to a large extent and we hope things become better soon in near future.” he said

This year Ice Make business MoTo is to “Stay Safe and Stay Strong” and we hope to deliver on this promise as well.  The Company said.

FY20 Financial Performance

Ice Make  has maintained its financial performance for the financial year ended March 31, 2020 despite slowdown in demand and economic growth in pre-covid19 period. The company reported total revenues of Rs 137.65 Cr for the full year of FY20 compared to Rs. 129.58 Cr. reported in the corresponding last financial year of FY19.  The Net Profit for the full year ended March 31, 2020 stood at 7.17 Cr compared to Rs. 7.83 Cr. posted in FY19.

During the investor conference call today Ice Make said compared to the first half of FY20 the Company performed much better in the second half. Backed by strong order book the total sequential revenue for the second half of FY20 rose by 38.4% over H1of FY20. The Company clocked sales of Rs 79.32 Cr in the period vs Rs 57.31 Cr in the 1^st half of FY20. The net profit for this period H2FY20 stood at Rs 6.22 Cr, compared to Rs. 0.95 Cr. posted in H1 of FY20.

Other highlights and Updates

Ø  The first quarter of this financial year has been badly affected due to lockdown, however, the company is hoping the second quarter to be better in terms of business as they have a good order book in hand worth Rs 28 Cr as on day.

Ø  Ice Make was able to not only maintain its financial performance but also gained in its new focus areas like Ammonia, Exports, Online Food, Refer Van and Turnkey Solutions

Ø  The Company almost doubled sales from Ammonia refrigeration business

Ø  Exports in FY20 grew around whooping three times

Ø  The Company has last year developed its refer van section which is receiving good response. Ice Make has tied up with few leading manufacturer of chassis like Ashok Leyland, Volvo and others are on the way.

Ø  Last year the Company forayed into fast emerging online food business which has started showing results as it has received its first few orders from leading brand such Swiggy.

Ø  We are strongly focussing on strengthening this further by providing solutions to their specific requirements.

Ø  The Company’s NSE main-board migration process is on and is likely to complete in the next -2-3 months.