From the Desk of Chairman
Ice Make Refrigeration Limited
Transforming Challenges into Opportunities: Ice Make’s Path to
Growth
Dear Valued Stakeholders,
It was my great pleasure to welcome and address you at our 15th Annual General Meeting on 28th September 2024. This significant occasion provided an opportunity to reflect on our journey, celebrate our achievements, and share our strategic vision for the future.
At the outset, I extend my heartlet gratitude to our shareholders, board members, employees, and partners for your unwavering trust and support. Your confidence in Ice Make Refrigeration Ltd. continues to be the cornerstone of our success and growth.
Key Highlights of the Year
Consistent Financial Growth: FY 2024 was a year of remarkable progress for Ice Make. We achieved a
total income of ₹379 crore, marking a 20.95% year‐on‐year growth. Our focus on operaƟonal efficiency
resulted in an EBITDA of ₹41.39 crore, with a margin of 10.92%. A net profit of ₹26.14 crore enabled
us to recommend a dividend of ₹2 per share for FY 2024.
CAGR Success: Over the past seven years, we have maintained an impressive Compound Annual
Growth Rate (CAGR) of 24% in topline revenue and 39% in net profit, demonstrating our commitment
to sustainable and value‐driven growth.
Market Stature: Ice Make’s market capitalization has crossed ₹1,200 crore, reinforcing our position as
one of India’s fastest‐growing refrigeration companies.
Operational Achievements:Through effective geographic expansion and continuous innovation, we
have solidified our industry leadership and maximized stakeholder value.
Strategic Vision and Growth Initiatives
This year marked the initiation of our most ambitious growth plan to date, with a committed capital
expenditure of ₹250 crore to enhance our production capabilities and expand our product portfolio.
₹100 crore has already been deployed in key projects, including Continuous PUF Panels, Visi Coolers,
and Chest Freezers. We are on track to deploy the remaining ₹150 crore over the next one to two
years.
Our clear roadmap sets sights on achieving:
- ₹500 crore turnover in FY 2024‐25
- ₹1,000 crore revenue by FY 2027‐28
- Long‐term revenue target of ₹1,500 crore
In addition to these milestones, our entry into Northern India, technical collaborations, expansion in
the food processing sector, and growth in e‐commerce channels are pivotal to our strategy.
Our Commitment to the Future
The demand for refrigeration solutions in sectors like pharmaceuticals, agriculture, food supply chains,
and hospitality presents significant growth opportunities. Ice Make is well‐equipped to capitalize on
this potential with a focus on innovation, sustainability, and customer‐centric solutions.
Closing Thoughts
The progress we’ve achieved is a testament to the dedication and collaboration of everyone involved
with Ice Make Refrigeration Ltd. As we step into the future, we remain committed to scaling new
heights, delivering value to our stakeholders, and achieving sustainable growth.
Thank you for your continued trust and belief in Ice Make. Together, we will build an even brighter
future.
Chandrakant P. Patel
Chairman and Managing Director
Ice Make Refrigeration Ltd
