Top-line grows 46.5% to Rs 48.86 crore in Q3FY2022

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.  The Company’s quarterly consolidated revenue increased 46.5% to Rs 48.86 crore crore in December 2021 from Rs 33.36 crore in Q3FY21. Net profit during Q3FY22 jumped 167.38% to Rs 1.27 crore as against Rs 0.15 crore (15.5 lakh) in Q3FY21.

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. 

Company’s Chairman and Managing Director Mr Chandrakant Patel, said “We are witnessing strong growth in our several verticals including e-commerce, cold rooms, solar cold rooms and ammonia business. We received many orders from reputed brands worth of Rs. 37.5 Cr and expecting the demand to go up in the summer season. We have 28 cold room orders from various parties and Panchamrut Dairy Ammonia project work is going to mostly complete by next month”

Consolidated Financial Performance: Q3FY22 Highlights

• During Q3FY22 revenue from operations witnessed a good 46.5% year-on-year growth.
• Consolidated revenue in Q3FY22 stood at Rs 48.86 crore as against Rs 33.36 crore in Q3FY21.
• On a quarter on quarter basis as well revenue saw good 2% growth. During Q2FY22 the company’s revenue was at Rs 47.90 crore.
• Higher input prices pushed raw material cost and as a result cost of material consumed as percent of revenue stood at 79.3% in Q3FY22 as against 72.9% in Q3FY21. Despite, because of higher scale and better control over costs, during Q3FY22 EBITDA grew by 56.3% on a year on year basis.
• In Q3FY22 EBITDA margins expanded by 377 basis points 5.99% as against 5.61% in Q3FY21.
• Further the company was able to limit the fixed overheads. During the quarter interest cost saw 17.6% reduction and depreciation dropped by 21.4% on a year on year basis adding to overall profitability of the company.
• Net profit during Q3FY22 increased 167.38% to Rs 1.27 crore as against Rs 0.15 crore (15.5 lakh) in Q3FY21.
• ICE Make EPS has also increased 162% to Rs. 0.84 in December 2021 from Rs. 0.32 in December 2020.

Consolidated Financial Performance: 9MFY22 Highlights

• The company continues to deliver strong growth led by sharp recovery in the end markets adding to overall growth and profitability of the company.
• 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.
• While input cost and raw material cost has seen marginal increase, its efforts to control material and other fixed costs resulted in maintaining good profitability. During 9MFY22 total expenses were up by 58.3% on a year on year basis.
• Company maintained good profitability. 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.

About Us

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 & equipments. The Company operates under key business verticals including Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration & newly added ammonia refrigeration and caters to wide range of Industries in India and also exports its products to overseas clients in 21 countries. 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 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.

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