Ice Make Refrigeration Limited (Ice Make), a leading supplier of innovative cooling solutions and manufacturer of 50 plus refrigeration equipments in India, reported robust earnings results for the third quarter and nine months ended December 31, 2022.  

Mr Chandrakant Patel, Chairman and Managing Director, Ice Make Refrigeration Ltd said “Strong demand and recovery in the end market has led to robust growth in our revenue and profitability. Post Covid-19 demand for our products has recovered significantly. The company continues to capitalise on strong demand to deliver higher growth and better profitability. Strong control over cost resulted in higher profitability in the first nine months of fiscal 2023 cost of goods sold as a percent of revenue stood at 70.27% as against 72.61% in the corresponding quarter last year”

Consolidated Financial Performance: Q3FY23

The Company’s consolidated net profit for Q3FY23 increased by 248.82% to Rs 4.43 crore as against Rs 1.27 crore during the previous quarter ended Q3FY22.

Consolidated revenue increased by 36.47% to Rs 66.68 crore in Q3FY23 as against Rs 48.86 crore during the previous quarter ended ended Q3FY22.

Strong control over cost improved profitability significantly. As against an EBITDA of Rs 3.07 crore in Q3FY22, company’s EBITDA in Q3FY23 jumped to Rs 7.46 crore. Higher scale, control over expenses and better realizations resulted in strong growth in operating profits.

During the quarter EBITDA margins almost doubled to 11.16% as against 6.27% in the corresponding quarter last fiscal.

Consolidated Financial Performance: 9MFY23

During the first nine months of FY23, the company recorded robust 53.8% year on year growth in revenue to Rs 198.65 crore as against Rs 129.19 crore revenue in the first nine months of FY22.

Maintaining good profitability, Company’s EBITDA in 9MFY23 stood at Rs 20.35 crore witnessing a growth of 227.4% on a year-on-year basis. EBITDA margins in this period stood at 10.2% recording almost 543 basis points improvement compared to 4.80% in the corresponding period of last fiscal.

Further, a good 11% year on year drop in interest cost helped in higher profits. During 9MFY23, company’s net profit jumped nearly 583.7% to Rs 12.17 crore as against Rs 1.78 crore in 9MFY22.