ICE MAKE Consolidated net profit jumps 184 pct to Rs 20.80 cr in FY2023

·         For the full year (FY23), the Company’s consolidated net profit jumped 184.05 % to Rs 20.80 crore in the financial year ended March 2023 as against Rs 7.32 crore during the previous year ended March 2022.

·         The consolidated revenue grew 51.50 % to Rs 313.32 crore in the year ended March 2023 as against Rs 206.80 crore during the previous year ended March 2022.

·         For the quarter ended March 2023 (Q423), The Company’s Consolidated net profit rose 56.02% to Rs 8.63 crore in as against Rs 5.53 crore during the previous quarter ended March 2022 (Q422)

·         Revenue grows 47.93 % to Rs 114.28 crore in the quarter ended March 2023(Q423) as against Rs 77.25 crore during the previous quarter ended March 2022(Q422)

·         Earnings per share (diluted) for FY2023 stood at 13.19 compared to 4.65 of the previous fiscal 2022.  (of Rs. 10/- each)

Chandrakant Patel, CMD, Ice Make Refrigeration Limited said, "Despite global economy going through inflationary pressures, the Company’s yearly net profit jumped to double digits for the 1st time and consolidated revenue also achieved another important financial milestone as our annual revenue crossed Rs 300 cr in FY2023."

Patel said: "Given the strong long term growth opportunities, India is on a strong foot and has been witnessing a decent growth in the post pandemic era; the outlook for our business going forward is looking decent.  We have a strong current order book and leads available for maintaining a 30% plus growth strike rate annually along with various products and business verticals that are consistently gaining market share.”

Patel said, "We have presence in all segments of refrigeration such as Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration and Transport Refrigeration.  There is a huge requirement in India and in various overseas countries for innovative cooling and cold chain storage solutions and ICE Make is well positioned to take advantage of these opportunities.”

"Our new capex plan of continuous penal business is a part of our refrigeration business which shall be used in big cold storage projects as well as in infrastructure projects and it would be fully functional by April 01, 2024. Continuous Penal business is expected to grow at a 14 % CAGR YOY & Cold Chain and storage business is expected to grow at a CAGR of 15% to 17% between years 2022 to 2027” he said.