Ice Make Refrigeration Limited Reports 23.50% Growth in Q3FY24 Revenue, Reaching Rs 82.52 Crore

Ice Make Refrigeration Limited (NSE: ICEMAKE), a leading provider of innovative cooling solutions and a prominent manufacturer of over 50 refrigeration equipment in India, announced a significant 23.50% increase in its consolidated revenue for Q3FY24, reaching Rs 82.52 crore compared to Rs 66.81 crore in the same period last fiscal year. Standalone revenue also saw a substantial rise, increasing by 28% to Rs 81.75 crore.

However, despite the impressive revenue growth, the company witnessed a decline in quarterly consolidated net profit for Q3FY24, primarily due to uptick in ammonia-based projects installation costs, which stood at Rs 2.01 crore compared to Rs 4.43 crore in the corresponding period of the previous fiscal year. Standalone profit for the quarter was reported at Rs 2.21 crore compared to Rs 4.45 crore in FY23.

Consolidated Financial Performance: 9MFY24

During the first nine months of fiscal 2024, Ice Make achieved robust growth with total income reaching Rs 238.86 crore, marking a 20% year-on-year increase from Rs 199.04 crore in the same period of fiscal 2023.

Efficient cost management strategies resulted in an EBITDA of Rs 20.46 crore during the first nine months of fiscal 2024. However, raw material consumed as a percentage of revenue slightly increased to 74.03% compared to 68.79% in the corresponding quarter last year.

Despite increased costs, Ice Make maintained strong profitability with an EBITDA margin of 8.57% during the first nine months of fiscal 2024. The company posted net profit of Rs 11.87 crore in the same period, compared to Rs 12.17 crore in FY23.

Management Comments

Mr. Chandrakant Patel, the CMD of Ice Make Refrigeration Limited, stated, “The company has achieved impressive growth in our topline, driven by the strong performance of the domestic economy and consumption. We continue to capitalize on this growth momentum with timely launches of innovative products and capacity expansions.  Stable raw material prices and increased overall demand for cold room, ammonia, transport, industrial, and commercial refrigeration verticals have contributed significantly to our growth this quarter.

This quarter, there has been a shift in our business product mix, notably marked by the expansion of our ammonia-based project ventures. While this expansion presents growth opportunities, it’s important to note that these projects typically yield lower margins compared to our flagship products such as cold room and commercial refrigeration units. Moreover, with the uptick in our ammonia-based projects, there’s been a corresponding rise in installation costs, which are now reflected in our other expenses.

With a robust demand for cooling and cold chain storage solutions, both domestically and internationally, Ice Make is well-positioned to seize these opportunities. We remain optimistic about ending this fiscal year on a strong note.” he said