ICE Make Announces Robust Q2 FY2025 Performance, Highlighting Business Strength

Hyderabad, 18 November 2024: Ice Make Refrigeration Limited (NSE: ICEMAKE), 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 second quarter (Q2) of the fiscal year 2025, showcasing impressive growth and consistent performance across key financial metrics.

Standalone Financial Performance

The company reported a notable increase in revenue from operations, reaching ₹101.38 crores in Q2 FY2025. This represents a 21.88% jump compared to ₹83.17 crores in Q1 FY2025 and a significant 34% surge from ₹75.72 crores in Q2 FY2024. Total revenue also followed a similar upward trajectory, standing at ₹101.65 crores, up 21.89% quarter-on-quarter (QoQ) and 33.87% year-over-year (YoY). EBITDA for the quarter was recorded at ₹8.51 crores, marking an impressive 35.08% increase from ₹6.30 crores in the previous quarter and a 10.81% rise compared to ₹7.68 crores in Q2 FY2024. The EBITDA margin improved to 8.37%, up from 7.56% in Q1 FY2025, though slightly below the 10.11% reported in the same quarter last year. Profit After Tax (PAT) stood at ₹4.89 crores, reflecting a 27.01% growth from ₹3.85 crores in Q1 FY2025 and a 6.53% increase from ₹4.59 crores in Q2 FY2024. The PAT margin saw an improvement, rising to 4.81% from 4.62% in the previous quarter, though it was lower than the 6.05% recorded in Q2 FY2024.

Consolidated Financial Performance

On a consolidated basis, Ice Make Refrigeration’s revenue from operations reached ₹103.39 crores in Q2 FY2025, showing a 21.31% increase from ₹85.23 crores in Q1 FY2025 and a 34.46% rise from ₹76.89 crores in Q2 FY2024. The total revenue stood at ₹103.50 crores, up by 21.30% QoQ and 34.38% YoY, indicating strong market demand and sales performance. The company’s consolidated EBITDA climbed to ₹8.57 crores, a 39.81% surge from ₹6.13 crores in Q1 FY2025 and an 11.16% growth compared to ₹7.71 crores in Q2 FY2024. Although the EBITDA margin improved to 8.28% from 7.19% in the previous quarter, it was lower than the 10.01% margin reported in the same period last year. Consolidated PAT for the quarter came in at ₹4.79 crores, reflecting a 31.59% rise from ₹3.64 crores in Q1 FY2025 and a 6.68% increase from ₹4.49 crores in Q2 FY2024. The PAT margin stood at 4.63%, an improvement from 4.27% in Q1 FY2025, but lower than the 5.83% margin seen in Q2 FY2024.

Half-Yearly Overview

For the first half of FY2025, Ice Make Refrigeration reported standalone revenue from operations of ₹184.55 crores, a 20.63% increase compared to ₹152.98 crores in H1 FY2024. On a consolidated basis, revenue from operations rose to ₹188.61 crores, up 20.88% from ₹156.03 crores in the same period last year.
However, the company’s profitability metrics showed a decline in the half-year comparison. Standalone PAT for H1 FY2025 was ₹8.75 crores, down 13.96% from ₹10.17 crores in H1 FY2024. Similarly, consolidated PAT decreased to ₹8.43 crores, a drop of 14.42% from ₹9.85 crores in the corresponding period of the previous fiscal year.

Market Outlook

Commenting on the financial performance, Mr. Chandrakant Patel, CMD of Ice Make Refrigeration Limited, expressed confidence in the company’s trajectory despite prevailing market challenges.

“The company has showcased resilience and strong performance this quarter, reflecting our efforts in market expansion and growing demand for our diverse product offerings. Our revenue growth on both standalone and consolidated levels highlights the effectiveness of our strategic initiatives. We have also achieved quarter-on-quarter improvements in EBITDA margins, demonstrating enhanced operational efficiency.” said Mr. Patel.

Mr. Patel acknowledged the slight year-over-year decline in PAT margin, attributing it to increased cost pressures primarily due to additional manpower required for a new project. He explained that the company is incurring these costs upfront until revenue generation from the new project begins. However, he reassured stakeholders that strategic cost management initiatives are being implemented to mitigate these short-term impacts and enhance profitability in the upcoming quarters.

Ice Make’s robust revenue growth highlights its strong market position and the sustained demand for its wide range of refrigeration solutions. The company’s focus on innovation and product diversification has been pivotal in driving consistent sales performance. With ongoing efforts to optimize the cost structure and expand its market reach, Ice Make is well-positioned to maintain its growth momentum in upcoming quarters.

“We are committed to delivering sustainable growth, enhancing profitability, and expanding our market presence through continuous innovation and operational excellence,” Mr. Patel added. He also emphasized Ice Make’s extensive portfolio 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.