Latest at IceMake
H1FY20 Revenue grow to Rs 57.55 Crore
Ice Make Refrigeration Limited (Ice Make), leading supplier of innovative cooling solutions and manufacturer of refrigeration equipments, has announced its financial results (Standalone & Consolidated) for the first half year ended 30 September 2019.
Despite slowdown in economic activities, the Company’s total revenue for H1FY20 stood marginally up at Rs. 57.55 Cr as compared to Rs 57.46 Cr recorded in the corresponding period of H1FY19. However, inspite of improved order book, on account of higher employee expenses towards new skilled manpower and top management recruitments Company’s standalone and consolidated net profit for this period stood lower at Rs 0. 95. Cr and Rs 0.61 Cr respectively compared to Rs 2.63 Cr posted in H1FY19. During the period company’s EBIDTA margin stood at 5.8 % as compared to 9% for H1 FY20.
Company’s Chairman and Managing Director Mr Chandrakant Patel, said, “Despite challenging business environment ICE Make was able to maintain growth in revenue. Moreover, we are more confident at this juncture on the back of our investments in building robust capabilities and capacities whose benefits will be visible soon. This buoyancy is also reflected in our growing order book, which stood at Rs 37 Cr comprising of Rs 7 Cr ammonia refrigeration projects. Besides, exports have been growing faster. The Company is also foraying into overseas markets to grow faster. In this H1FY20 alone, our exports have grown nearly 100 percent and crossed the total export revenue figure of last financial year. Our Export sales (excluding SEZ) in current financial year stood at Rs. 3.14 Cr as against Rs 2.19 Cr. in previous year”
Key highlights and updates
- In bid to leverage its capabilities and basket of innovative products ICE Make is eyeing new emerging and fast growing segments like online Food Chains, Cash & Carry Vans. The Company has upgraded its manufacturing facility located in Chennai and Ahmedabad to cater to these new segments.
- To help us in our growth journey the company has recruited and built a team of highly talented and experience people. The upfront cost of this drive to building capabilities is now visible in the financial performance.
- Ice Make has a basket of 50 plus innovative products and services that are placed in such a manner that they are largely insulated from weakness in the overall market and thus helping the company maintain consistency in its performance.
About Ice Make Refrigeration Ltd
Ice Make Refrigeration Limited has been posting a strong financial performance over the last many years. In terms of pure numbers over the last five years, the Company has been successfully maintaining a healthy pace of growth at about 26.5 % in revenue, 35% in EBIDTA and PAT is growing at 64% CAGR.
Its revenue for the full year FY19 rose by 27.44% to Rs. 129.58 Cr. While the Net Profit for the full year ended March 31, 2019 grew 18.11% to Rs. 7.83 Cr.
Ice Make 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 & equipment’s.
The Company operates under five key business verticals including Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration & Ammonia Refrigeration and caters to wide range of Industries including Dairy, Ice-cream, food processing, agriculture, pharmaceuticals, Cold Chain, Logistics, hospitals, Hospitality and retail among others. The Company also exports its products to overseas clients in 21 countries. Ice Make has its manufacturing plants located at Dantali, near Ahmedabad, Gujarat and Chennai.
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 was ranked 27th among the top 100 annual reports globally.
Ice Make Refrigeration Limited held a two days seminar for merchant dealers, traders & associates on the various applications of refrigeration and cooling systems in the city at the Ice Make premises. Among the key speakers at the event Dr. A.J. Pandya and Mr. V.K. Ghoda spoke extensively on the applications of refrigeration in dairy industry while Mr. Chandar Sarvagyam presented a detailed case study on the trends in food processing industry.
Mr Chandrakant Patel, Chairman and Managing Director of Ice Make highlighting the importance, key trends and industry outlook said “Without refrigeration and cooling systems it will be nearly impossible to imagine life today. Now-a-days refrigeration and air conditioning find so many applications that they have become very essential for mankind, and without refrigeration and air conditioning the basic fabric of the society will be adversely affected. Similarly, refrigeration has become an essential part of large number of industries such as food chain- from post harvest heat removal to processing, distribution and storage. Refrigeration has also become essential for many chemical and processing industries to improve the standard, quality, precision and efficiency of many manufacturing processes. As India’s population is increasing at a rapid pace and the consumption is growing Multifood, the need for new applications of refrigeration & cooling solutions is arising all the time. Ice Make as a key player in the industry is in the forefront in catering to the cooling requirements of various industries. The company serves large number of varied clients and customers by producing innovative cooling & refrigeration solutions to Dairy, Ice-cream, Food Processing, Horticulture, Agriculture, Pharmaceuticals, Cold Chain, Logistics, Hospitals, Hospitality and Retail among others. We have a basket of 50+ refrigeration and cooling solutions products manufactured under four business verticals like Cold Rooms, Commercial Refrigeration, and Industrial Refrigeration, Transport Refrigeration and Ammonia Refrigeration” he said.
The two days extensive seminar apart from covering various topics of interests and subjects, discussions about the future outlook of refrigeration industry, best practices, successful & motivational stories, also included plant visit, educational and learning session on the new technology, products and installation procedures, awards & rewards program among others. The company as a mark of goodwill gesture and token of appreciation presented mementos and certificates to these dealers and associates who participated in large numbers.
Most commercial and industrial refrigerator’s insulating material are made using Polyurethane Foam with HCFC-141B as blowing agent, the replacement in insulating foam is currently undergoing rapid development in order to compile Montreal Protocol.
To improve production efficiency and rationalise raw material cost, company has recently carried out technical up-gradation of PUF foaming Machineries to compatible to use Cyclopentane as blowing agent. . The Cyclopentane has emerged as the most promising Zero Ozone Depleting Potential (ODP) alternate to HCFC-141B as a blowing agent for rigid insulation form.
- No ODP
- Very low GWP
- Negligible loss of cyclopentane during foaming
- Good thermal conductivity of foam
- Good availability
- Low price compare to HFC & HFO
Food Drying is a method of food preservation in which food is dried (dehydrated or desiccated). Drying inhibits the growth of bacteria, yeasts, and mold through the removal of water. Dehydration has been used widely for this purpose since ancient times. Water is traditionally removed through evaporation. However, today Low Temperature Low Humidity dehydration drying or freeze-drying are used to speed the drying process and ensure more consistent results without damaging quality. Many different foods can be prepared by drying fruits, vegetables, garlic/onion, mushrooms, meats, fishes.
IceMake’s eco-friendly and energy efficient solar cold rooms with a storage space of about 4-5 metric ton helps retain the quality, freshness, shelf life and reduce wastage of perishable farm products. Besides, it will also play a significant role in the distant rural area which are not yet electrified or where power supply is poor. The Government’s rural-centric budget and their support through 40% to 50% subsidy scheme to solar refrigeration units to make them affordable, augurs well for us. It is expected that with proper utilisation of the solar based cold storages, it can lead to over 30%-40% increase in the farmer’s income. The Company is keeping no stone unturned towards creating farmer awareness and help them double their income and reap strong benefits from the good quality cold storage facilities.
(Wholly owned subsidiary of Ice Make Refrigeration Limited)
Bharat Refrigerations Pvt. Ltd. has shifted its manufacturing plant and office to new location at B-20, 1st Main Road, Ambattur Industrial Estate, Chennai – 600058.
Now, Bharat Refrigerations has stated the manufacturing process of some products such as Bulk Milk Chiller, Ice Candy Plant, Cold Room PUF Panel, Cold Room Doors etc.
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