Ahmedabad/Mumbai 10 February 2025: ICE Make Refrigeration Limited (NSE: ICEMAKE), a leading provider of innovative cooling solutions and a prominent manufacturer of over 50 types of refrigeration equipment in India, has announced its unaudited consolidated financial results for the third quarter ended December 31, 2024 (Q3FY25). The company reported robust revenue growth, driven by strong market demand and operational efficiencies.
ICE Make’s consolidated results reflect strong growth. Revenue from operations increased by 34% YoY to ₹110.56 CR, while total income reached ₹110.77 CR. EBITDA grew by 56% YoY to ₹06.89 CR. Profit Before Tax (PBT) stood at ₹3.59 CR, up 33% YoY, and net profit (PAT) improved by 39% to ₹2.81 CR. EPS for the quarter stood at ₹1.82, compared to ₹1.28 in Q3FY24.
For the first nine months of FY25, consolidated revenue from operations increased by 25% to ₹299.17 CR, with total income reaching ₹299.60 CR. Net profit stood at ₹11.24 CR, reflecting a slight decline of 5% YoY.
The company exhibited strong revenue growth with a 33% YoY increase in standalone revenue, indicating sustained demand for refrigeration solutions. EBITDA rose by 55%, showcasing operational efficiency improvements. PBT surged by 28% YoY, reflecting effective cost control and improved margins. However, net profit for 9MFY25 saw a 5% YoY decline, similar to consolidated results, due to rising costs.
Management Commentary
Commenting on the performance, Mr. Chandrakant Patel, CMD of ICE Make Refrigeration Limited, said, “Our strong 34% year-on-year revenue growth in Q3FY25 underscores our commitment to providing high-quality cooling solutions and expanding our market presence. While profitability faced some headwinds due to rising operational costs, we continue to focus on efficiency improvements and strategic growth initiatives to drive sustained performance. The demand outlook remains positive, and we are confident in our ability to capitalize on emerging opportunities in the refrigeration industry, helping us reach our revenue targets of ₹500 CR in the current Financial Year and ₹1,000 CR by FY 2027-28.”
Business Outlook
ICE Make Refrigeration remains focused on expanding its product portfolio, enhancing operational efficiencies, and exploring new market opportunities to strengthen its leadership position in the refrigeration segment. The company aims to maintain robust revenue growth while improving cost structures to drive profitability.
ICE Make is committed to delivering sustainable growth, enhancing profitability, and expanding market presence through continuous innovation and operational excellence. Mr. Patel emphasized ICE Make’s extensive portfolio of over 50 products across various refrigeration segments, including Cold Room Storage, Ammonia Refrigeration, Industrial Refrigeration, Commercial Refrigeration, and Transport Refrigeration. With the increasing demand for advanced cooling and cold chain storage solutions in both domestic and international markets, ICE Make is strategically positioned to capitalize on these opportunities,” he concluded.
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