Financial Highlights
For the quarter ended March 31, 2025 (Q4 FY25), the company reported consolidated revenue from operations of ₹180.82 crore, marking a robust 26.76% year-on-year increase from ₹140.14 crore in Q4 FY24. This is a 29.02% quarter on-quarter sequential growth. EBITDA for the quarter stood at ₹21.85 crore, compared to ₹20.93 crore in the same period last year.
However, EBITDA margin softened to 12.08% from 14.93% on account of higher input costs. Profit after tax (PAT) for the quarter was ₹11.66 crore, down from ₹14.27 crore in Q4 FY24, while earnings per share (EPS) stood at ₹7.42 versus ₹9.06 in the previous year’s corresponding quarter.
For the full financial year ended March 31, 2025 (FY25), Ice Make achieved consolidated revenue from operations of ₹480.42 crore, an increase of 26.76% year-on-year compared to ₹379.00 crore in FY24. The company reported EBITDA of ₹43.44 crore in FY25, up from ₹41.39 crore in FY24, although the EBITDA margin slightly declined to 09.04% from 10.92%. The full-year PAT stood at ₹22.90 crore as against ₹26.14 crore in FY24, with a corresponding EPS of ₹14.65 compared to ₹16.64 a year earlier.
The Board of Directors has recommended a final dividend of ₹2.25 per equity share (22.5% of face value ₹10), subject to shareholder approval at the upcoming AGM.
Management Commentary
“We are pleased to report a strong close to the year, with a 64% sequential revenue growth in Q4 FY25, demonstrating the strength of our underlying business and recovery in order execution. While we delivered robust revenue growth during FY2025, reaching nearly ₹480 crore, we narrowly missed our internal milestone of ₹500 crore due to delayed execution of certain product order in the 1st 9 months of FY25. These delays, along with the timing mismatch of input costs already accounted for, impacted full-year profitability. Despite these headwinds, our operations remained resilient, supported by our strategic investments in innovation, capacity expansion, and a customer-centric approach. We also saw continued momentum in our commercial and industrial refrigeration verticals, including ammonia refrigeration and cold chain solutions. The Board’s recommendation of a final dividend reflects our unwavering commitment to long-term shareholder value and sustainable growth.”— Mr. Chandrakant Patel, Chairman & Managing Director