Hyderabad, August 12, 2024: Ice Make Refrigeration Limited, a leading innovator in cooling solutions and a prominent manufacturer of over 50 types of refrigeration equipment in India, has announced its financial results for the first quarter of FY 2025, ending on June 30, 2024.
The company reported a consolidated revenue growth of 7.58%, reaching Rs 85.33 crore, compared to Rs 79.31 crore in the corresponding quarter of the previous fiscal year. However, due to increased costs related to strategic recruitments and other operational expenses, consolidated net profit for Q1 FY25 declined by 32% to Rs 3.64 crore, down from Rs 5.36 crore in the same quarter of the previous fiscal year.
During the quarter, Ice Make recorded an EBITDA of Rs 6.13 crore, compared to Rs 8.34 crore in the same period last year, with an EBITDA margin of 7.19%, compared to 10.52% in the corresponding period of the previous year. The non-annualized earnings per share (EPS) for Q1 FY 2025 stood at Rs 2.35.
Commenting on the results, Mr. Chandrakant Patel, CMD of Ice Make Refrigeration Limited, said, “Despite the challenges this quarter, we achieved steady revenue growth. However, an increase in salary expenses due to strategic recruitments for new projects, higher travel costs for project machinery abroad, and the impact of the election code of conduct on April and May business activities resulted in lower profitability. Our focus on innovation and efficiency will drive stronger financial performance in the coming quarters helping the company reach Rs 500 cr. revenue milestone this fiscal. With India’s growth forecasted at over 7% by the IMF, the long-term prospects for our business are promising. We have a robust order book and leads totalling Rs 98 crore, positioning us to sustain an annual growth rate of approximately 25-30%.”
Mr. Patel also emphasized the company’s comprehensive presence across all refrigeration segments, including Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration, and Transport Refrigeration. He stated, “With the rising demand for innovative cooling and cold chain storage solutions in India and abroad, Ice Make is strategically poised to capitalize on these opportunities.”