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ICE Make Refrigeration Ltd

BSE Code : 535034 | NSE Symbol : ICEMAKE | ISIN:INE520Y01019| SECTOR : Capital Goods - Electrical Equipment |

NSE BSE
 
SMC down arrow

524.30

-9.55 (-1.79%) Volume 21673

24-May-2024 EOD

Prev. Close

533.85

Open Price

533.70

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

524.30(8)

 

Today’s High/Low 533.85 - 522.00

52 wk High/Low 747.45 - 327.00

Key Stats

MARKET CAP (RS CR) 827.33
P/E 39.36
BOOK VALUE (RS) 58.4960616
DIV (%) 18
MARKET LOT 1
EPS (TTM) 13.32
PRICE/BOOK 8.9629965789013
DIV YIELD.(%) 0.34
FACE VALUE (RS) 10
DELIVERABLES (%) 57.72
4

News & Announcements

15-May-2024

ICE Make Refrigeration to announce Quarterly Result

10-Feb-2024

ICE Make Refrigeration consolidated net profit declines 54.40% in the December 2023 quarter

03-Feb-2024

ICE Make Refrigeration to declare Quarterly Result

01-Dec-2023

ICE Make Refrigeration Ltd - Analysts/Institutional Investor Meet/Con. Call Updates

15-May-2024

ICE Make Refrigeration to announce Quarterly Result

03-Feb-2024

ICE Make Refrigeration to declare Quarterly Result

02-Nov-2023

ICE Make Refrigeration to announce Quarterly Result

04-Aug-2023

ICE Make Refrigeration to announce Quarterly Result

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 129919 0.82
Total Institutions 0 0.00
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 125504 0.80
Total Promoters 11754000 74.49
Total Public & others 3770312 23.89
Total 15779735 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About ICE Make Refrigeration Ltd

Ice Make Refrigeration Limited was originally incorporated on March 31, 2009 as a private limited company with the name 'Ic Ice Make Refrigeration Private Limited'. Subsequently, the name of the Company was changed to 'Ice Make Refrigeration Private Limited' on August 04, 2015. Further, the Company was converted into a public limited company on August 29, 2017 and the name of the Company was changed to 'Ice Make Refrigeration Limited'. Ice Make is a refrigeration equipment manufacturer, engaged in providing cooling solutions. The Company provides cooling solutions for cooling systems and accessories used in industries such as dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others. The Company operates its business verticals under the brand of 'Ice Make'. The Company is promoted by Mr. Chandrakant P. Patel, Mr. Rajendra P. Patel and Mr. Vipul I. Patel. The promoters commenced the business in 2 firms (i) Ice Make Refrigeration (Proprietorship Firm) in 1993 and (ii) Hi Make Engineers (Proprietorship Firm) in 1997 (The name was thereafter modified to Colpan Poly Panel Industries). The running business of the 2 firms was taken over by way of a business transfer agreement in 2009. The Promoters, through the aforesaid firms, had initiated business as refrigeration equipment manufacturer by Commercial Refrigeration manufacturing in 1993 and forayed into Cold Room manufacturing in 2002 as well as Industrial Refrigeration manufacturing in 2003. Subsequently, the Company introduced Transport Refrigeration manufacturing in 2012. In December 2016, The Company had acquired Bharat Refrigerations Private Limited', a company based in Chennai, engaged in a business similar to their business, which is now its wholly owned subsidiary. Bharat Refrigerations Private Limited is present in the above business verticals through the brands named Bharat' and Trans Freez'.

ICE Make Refrigeration Ltd Chairman Speech

STANDING TALL.

DELIVERING CONSISTENTLY.

The financial year 2022-23 was ' healthy in terms of revenue which was backed by strong growth across the value chain.

Dear Shareholders,

It gives me immense pleasure to address all of you and share Ice Make's performance, progress, and notable achievements for the financial year 2022-23. At the outset, I thank each one of you for your continued encouragement and support.

At Ice Make, we remain focused on creating measurable value for our customers and are committed to delivering the highest standards of quality cooling solutions. We have been one of the leading companies in our space, delivering with utmost trust, excellence, and customer satisfaction. Today, there is a huge demand for cold storage equipment in industries like pharmaceuticals & chemicals, dairy & ice cream, food processing and hospitality, and e-commerce. Ice Make is always standing at the forefront for our customers, especially in challenging market conditions.

Navigating the macro-economic scenario

The year 2022-23 was marked by several challenges, such as volatile and complex geo-political situations, supply- chain tightness, and inflationary pressures. However, there is an air of optimism around, with the long-term vision of the government and rebounding sentiments of Indian consumers. The Indian economy is set to be on a better footing, backed by strong macro fundamentals and prudent measures taken by the government and regulatory bodies. While the economy is advancing well, the GDP growth for 2022-23 has been revised to 7.2%. India is all set to witness greater achievements going forward.

Industry remains optimistic

India is currently the world's largest producer of milk, the second-largest producer of fruits and vegetables, and has a substantial production of marine, meat, and poultry products. Most of these are temperature-sensitive when it comes to storage and transportation. Organized retail is expected to be among the biggest drivers of the cold chain market in India. The food processing sector has also shown improvement in consumer demand. The Indian government has announced the intent of establishing several mega food parks which is likely to propel the growth of the cold storage industry. Healthcare products such as vaccines, biopharmaceuticals, as well as clinical trial materials are heat-sensitive and must be stored at extremely low temperatures. This is where the expected growth in this sector is likely to drive the cold chain industry. Altogether, the industry is optimistic, sailing through the challenges, and ready for the next leg of growth and achievement.

Reflecting on the past year

For Ice Make, despite the challenging environment, the year gone by was full of notable achievements and successes. During the year, in terms of the order book, we marked consistent growth, securing an order of Rs. 11 Crores for the newly developed product freeze-dryer from one of the renowned food processing companies in Maharashtra. In the ammonia vertical, we received a substantial order value of Rs. 35 Crores from various states like Jammu and Kashmir, Maharashtra, and Madhya Pradesh. We also received order for 39 units of 5-MT Solar Cold Room to be supplied in the states like Madhya Pradesh, Bihar, and Odisha.

In terms of project fulfilment, we exclusively provided 1,200 customized freezers to one of the leading e-commerce company-BigBasket. We completed a cold storage project in Kanpur, Uttar Pradesh, for Namaste India Ice Cream with a storage capacity of 15,000 CFT with -18?C to -25?C. We also completed a multi-purpose dairy processing plant in Nepal for milk and paneer, with a total milk handling capacity of 50,000 liters. Furthermore, we successfully completed a cold storage project with a capacity of 1,400 MT for storage of spices in Mandsaur, Madhya Pradesh. The MS Corrugated Refrigerated container is engineered to provide maximum impact resistance, combining robust construction with a lightweight design.

It boasts uniform welds that minimize distortion. Our new capex planning of Continuous Panel business is a part of our refrigeration business which shall be used in big cold storage projects as well as infrastructure projects.

? Our Greenfield project for continuous panel is expected to be fully operational by April 2024, with a capital expenditure of approximately Rs.50 to 60 Crores.

? We have expanded our presence in the eastern India by incorporating a subsidiary company in West Bengal.

? The Continuous Panel business is projected to experience a 14% Compound Annual Growth Rate (CAGR) year-on-year, while the Cold Chain and Storage business is expected to register a CAGR of 15% to 17% from 2022 to 2027.

In terms of synergies, we have collaborated with Ashok Leyland and jointly completed the UN Mission Refrigerated Truck Project. During the year, we incorporated a new subsidiary named IceBest Private Limited. This expansion will enable us to cater to a larger market size. All these achievements are a testament to this year's theme 'Driving Growth. Expanding Possibilities.' which speaks about our strong capabilities, passion, hard work, and innovation in every business operation.

Marking a robust performance

During the year, we marked a topline of f 313.32 Crores, up from f 206.80 Crores, representing an uptick of 51.50%. We recorded a strong net profit of f 20.80 Crores, up from f 7.32 Crores, compared to the previous year, resulting in an increase of 184.15%. On a year-on-year basis, our EBITDA grew by 10.61%, from the previous year's 7.34%, resulting in an increase of 44.55 %. Furthermore, we are committed and confident of achieving growth within a range of 25-30% in overall profitability, with a steady EBITDA margin of 9-11%. Our focus is on aggressively increasing the top line while maintaining a consistent PAT margin of 5-7%.

Our technological prowess

In our current operational approach, there is potential for semi-automation, even though achieving full automation may not be completely feasible. We regularly upgrade our machinery to incorporate the latest technology and perform small tool-taking activities throughout the year. However, our new Greenfield project for continuous panel manufacturing will be fully automated, utilizing advanced technology machinery.

Sustainability initiatives at Ice Make

Ice Make has taken a conscious approach to embedding sustainability within its business operations and decision-making process. Driven by a strong sense of environmental responsibility, we are dedicated to contributing to the country's goal of achieving Net Zero by 2050, further affirming our commitment to a sustainable future. Our objective is to set clear and inclusive goals for all stakeholders, focusing on the identified material areas. We aim to position ourselves as an industry leader and global frontrunner in sustainability, catalysing significant positive change on a global scale.

Committed towards people and the community

Ice Make stays committed to its philosophy of giving back to the society. Our CSR activities include categories like education, environment, health care, hunger & poverty. In addition to these, we also have several people initiatives in place to create a positive work environment and promote employee well-being.

In gratitude

I extend my heartfelt appreciation to all our stakeholders, our dedicated employees, loyal customers, and supportive shareholders. It is their trust in Ice Make that has been the foundation of our success. Together, with our shared vision and collective efforts, I am confident that we will continue to evolve, grow, and exceed the expectations of each stakeholder. I would like to extend my gratitude to the family members of all our stakeholders for reposing their continuous support and trust in us.

Best Wishes,

Chandrakant P. Patel

Chairman & Managing Director.

   

ICE Make Refrigeration Ltd Company History

Ice Make Refrigeration Limited was originally incorporated on March 31, 2009 as a private limited company with the name 'Ic Ice Make Refrigeration Private Limited'. Subsequently, the name of the Company was changed to 'Ice Make Refrigeration Private Limited' on August 04, 2015. Further, the Company was converted into a public limited company on August 29, 2017 and the name of the Company was changed to 'Ice Make Refrigeration Limited'. Ice Make is a refrigeration equipment manufacturer, engaged in providing cooling solutions. The Company provides cooling solutions for cooling systems and accessories used in industries such as dairy, ice-cream, food processing, agriculture, pharmaceuticals, cold chains, logistics, hospital, hospitality and retail, among others. The Company operates its business verticals under the brand of 'Ice Make'. The Company is promoted by Mr. Chandrakant P. Patel, Mr. Rajendra P. Patel and Mr. Vipul I. Patel. The promoters commenced the business in 2 firms (i) Ice Make Refrigeration (Proprietorship Firm) in 1993 and (ii) Hi Make Engineers (Proprietorship Firm) in 1997 (The name was thereafter modified to Colpan Poly Panel Industries). The running business of the 2 firms was taken over by way of a business transfer agreement in 2009. The Promoters, through the aforesaid firms, had initiated business as refrigeration equipment manufacturer by Commercial Refrigeration manufacturing in 1993 and forayed into Cold Room manufacturing in 2002 as well as Industrial Refrigeration manufacturing in 2003. Subsequently, the Company introduced Transport Refrigeration manufacturing in 2012. In December 2016, The Company had acquired Bharat Refrigerations Private Limited', a company based in Chennai, engaged in a business similar to their business, which is now its wholly owned subsidiary. Bharat Refrigerations Private Limited is present in the above business verticals through the brands named Bharat' and Trans Freez'.

ICE Make Refrigeration Ltd Directors Reports

ICE Make Refrigeration Ltd Company Background

Chandrakant P PatelChandrakant P Patel
Incorporation Year2009
Registered OfficeB-1 Vasupujya Chamber,Neer Navdeep Bldg IT Cross Rod
Ahmedabad,Gujarat-380009
Telephone91-79-27540630,Managing Director
Fax91-79-27540620
Company SecretaryMandar Desai
AuditorUmesh Shah & Associates
Face Value10
Market Lot1
ListingNSE,
RegistrarLink Intime India Pvt Ltd
5th Floor 506 to 508,ABC-I Off C G Road ,Navrangpura ,Ahmedabad-380009
C-101 247 Park,L B S Marg,Vikhroli West,Mumbai-400083

ICE Make Refrigeration Ltd Company Management

Director NameDirector DesignationYear
Chandrakant P PatelChairman & Managing Director2023
Rajendra P PatelJoint Managing Director2023
Vipul I PatelJoint Managing Director2023
Darsha R KikaniIndependent Director2023
Harshadrai P PandyaIndependent Director2023
Krishnakant L PatelIndependent Director2023
Mandar DesaiCompany Sec. & Compli. Officer2023

ICE Make Refrigeration Ltd Listing Information

ICE Make Refrigeration Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Cold Room/RefrigerationSystemsNA000130.2117
GSTNo00023.2697
Sale of ServicesNA0005.6309
Duty DrawbackNA0000.0661
other operating revenueNA0000

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